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Merger Costs Push Chrysler to First-Quarter Loss
Chrysler Group LLC's revenue in the first quarter of 2014 jumped 23% to $19 billion as global vehicle shipments rose 16% to 668,000 units.
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Chrysler Group LLC's revenue in the first quarter of 2014 jumped 23% to $19 billion as global vehicle shipments rose 16% to 668,000 units. Sales grew 10% to 621,000 cars and light trucks.
But $1.2 billion in one-time charges associated with its merger with Fiat SpA left the company with a net loss of $690 million. Without those special costs, Chrysler's net earnings would have been $486 million. Net profit in January-March 2013 was $166 million.
The company's modified operating profit for this year's first quarter climbed 35% to $586 million. Free cash flow improved to $919 million from $449 million a year earlier.
Chrysler says its market share in the U.S., where its first-quarter sales volume advanced 19%, climbed 1.1 points to 12.5%.
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