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Chrysler income rises 80 percent

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Staff writer |
ChryslerChrysler Group LLC reported preliminary third-quarter results. Net income was $381 million, an increase of 80 percent from the same quarter a year ago, with total income for the first nine months of $1.3 billion.

Chrysler's net revenue for the quarter was $15.5 billion, up 18 percent from $13.1 billion in the third quarter of 2011, primarily driven by a 19 percent period-over-period increase in shipments. For the first nine months of the year, the Company recorded net revenue of $48.6 billion, a 22 percent increase from the same period a year ago.

Worldwide vehicle shipments for the quarter were 559,000, an increase of 19 percent from the third quarter of 2011 when 469,000 vehicles were shipped. For the first nine months of the year, worldwide vehicle shipments were 1.8 million, up 22 percent from the same period a year ago, and in line with our full-year target of 2.3 million to 2.4 million vehicles.

Chrysler CEO Sergio Marchionne"We have revamped our product lineup with such segment-defining models as the Jeep Grand Cherokee and the Chrysler 300. Critics and consumers already are responding positively to the Dodge Dart and to the 2013 Ram 1500, with its best-in-class fuel economy. We continue to work feverishly and are pleased to see that our all-consuming aspiration for excellence is translating into results. We are confirming guidance for the year, and expect Free Cash Flow to be well in excess of $1 billion," said Sergio Marchionne, Chrysler Group LLC Chairman and Chief Executive Officer.

Worldwide vehicle sales were 556,000 for Q3, up 12 percent from the 496,000 vehicles sold in the third quarter of the last year. The increase was driven by a 13 percent increase in the Company’s total U.S. sales,which included a 16 percent increase in U.S. retail sales. Worldwide vehicle sales were 1.7 million for the first nine months of the year, up from 1.4 million in the prior year. Chrysler Group’s September 2012 U.S. sales continued the trend with a 30th consecutive month of year-over-year sales gains. Chrysler Group’s U.S. market share for the quarter was 11.3 percent; market share in Canada was 14.3 percent for the quarter.

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