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Truck, Jeep Sales Hike Profits 22% at Chrysler
Strong demand for its high-margin pickup trucks and SUVs boosted Chrysler Group LLC's third-quarter revenue 14% to $17.6 billion and hiked net profits to $464 million from $381 million in July-September 2012, according to preliminary data.
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Strong demand for its high-margin pickup trucks and SUVs boosted Chrysler Group LLC's third-quarter revenue 14% to $17.6 billion and hiked net profits to $464 million from $381 million in July-September 2012, according to preliminary data.
Worldwide sales rose 8% to 603,000 units, led by 20% increases for its Dodge car and Ram truck brands and strong demand for the Jeep Grand Cherokee. Third-quarter sales of Chrysler and Fiat brand vehicles inched up 2% and 1%, respectively.
Vehicles sold outside North America advanced 20% to 82,000 units, including variants sold in Europe under Fiat SpA's Lancia brand.
Chrysler's quarterly operating profit climbed 22% to $862 million. But cash flow was a negative $343 million, due mainly to delays in launching its all-new Jeep Cherokee SUV. Debt rose to $888 million from $693 million a year earlier.
The company confirms its full-year guidance of about 2.6 million vehicle shipments worldwide, revenue of $72 billion-$75 billion, operating profit of $3.3 billion to $3.8 billion and net income between $1.7 billion and $2.2 billion.
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