Chrysler’s Income Quadruples

Chrysler Group LLC's net income in the first quarter of 2012 jumped to $473 million (€357 million) from $116 million (€88 million) in the same period last year. Operating profit climbed 55% to $740 million (€559 million).

Chrysler says its sales and revenue grew 33% to 523,000 vehicles and 25% to $16.4 billion (€12.4 billion), respectively.

Free cash flow for the period declined nearly one-third to $1.7 billion (€1.3 billion) compared with first quarter of 2011. But cash grew 14% to $11.3 billion (€8.5 billion). The company says its net industrial debt shrank to $1.3 billion (€982 million) at the end of March from $2.9 billion (€2.2 billion) on Dec. 31.

Chrysler's retail sales in the U.S. surged 40% year-on-year in the first quarter. The company's market share advanced two points to 11.2%.

Fiat SpA also boosted its ownership in Chrysler to 58.5% during the quarter by confirming the American company's plan to build the Dodge Dart small car. The vehicle, which uses Fiat engine technology, is expected to earn a U.S. fuel economy rating of 40 mpg. Committing to produce the model fulfills a government requirement that grants Fiat a 5% stake in Chrysler.