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Strong Volume Boosts Chrysler Profit 80%
Chrysler Group LLC increased net income to $381 million (€295 million) in the third quarter of this year from $212 million (€164 million) in the same period of 2011.
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Chrysler Group LLC increased net income to $381 million (€295 million) in the third quarter of this year from $212 million (€164 million) in the same period of 2011.
Revenue climbed 18% to $15.5 billion (€12.0 billion). Vehicle sales jumped 12% to 556,000 units, including advances of 13% to 416,600 units in the U.S. and 27% to 68,000 units outside North America. The latter includes 15,000 vehicles made by Chrysler and sold by parent Fiat SpA.
Adjusted operating profit surged 46% year over year to $706 million (€547 million) in the July-September period 4.6% of sales vs. 3.7% a year earlier. Chrysler held $11.9 billion (€9.2 billion) in cash on Sept. 30.
Strong sales and favorable pricing were partially offset by higher vehicle development and advertising costs and an unfavorable mix that skewed toward passenger cars.
In the first nine months of 2012, Chrysler swung to a $1.3 billion (€1 billion) net profit from a $42 million (€33 million) loss a year earlier. Revenue increased 22% to $48.6 billion (€37.6 billion). The company reiterates that it expects to earn about $1.5 billion (€1.2 billion) this year on revenue of $65 billion (€50.4 billion).
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