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Chrysler Swings to a Quarterly Profit
Chrysler Group LLC netted $436 million in the second quarter of this year compared with a $370 million loss a year earlier.
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Chrysler Group LLC netted $436 million in the second quarter of this year compared with a $370 million loss a year earlier.
Net results in April-June 2011 included a $551 million charge for repayment of government loans. Modified EBIT (earnings before interest, tax, depreciation, amortization, pension obligations and special items) rose 10% to $1.4 billion in the latest quarter.
Chrysler attributes the improvement to strong volume and pricing, partially offset by an unfavorable mix because of the shift in American demand to cars from higher-margin trucks.
Revenue jumped 23% to $16.8 billion in the quarter. Worldwide sales climbed 20% to 582,000 vehicles. The company's U.S. sales soared 32%, thus boosting its share of the market by 0.6 points year over year to 11.2%.
Free cash flow slowed to $866 million from $1.3 billion in the first quarter of this year and $2.1 billion in the second quarter of 2011. Chrysler held $12.1 billion in cash on June 30, up $800 million from March 31.
For the first half, the company swung to a $909 million profit from a $254 million loss. Modified EBITDA increase 14% to $2.8 billion. Revenue jumped 24% to $33.2 billion.
Chrysler affirms its full-year outlook for about $65 billion in revenue on global sales of as many as 2.4 million vehicles. The company also expects net income of $1.5 billion in 2012 and free cash flow of at least $1 billion.
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