Chrysler Group net income jumped 32% in third quarter 2014

Article by Andrew Christian, on November 7, 2014

Chrysler Group logged a 32-percent jump in net income in the third quarter to $611 million thanks to strong performance of the Jeep and Ram brands. The carmaker sold 1,556,059 vehicles in the United States – enough to raise its market share by 1.1 percentage points to 12.3 percent. Chrysler’s figures were different from those of parent Fiat Chrysler Automobiles.

FCA logged a 7-percent climb in third-quarter operating profit to EUR926 million ($1.15 billion) and a 14-percent leap in revenues to EUR23.6 billion ($29.5 billion). Chrysler posted a 15-percent jump in sales in the US in the first nine months of 2014, and saw its 30-percent rise in pickup and SUV sales offsetting a 17-percent drop in car sales.

Leading the charge in the period in the US were Jeep (up 45 percent) and Ram (up 25 percent). Chrysler said its global sales topped 700,000 vehicles in the quarter, including those it builds for other carmakers, like FCA.

It also posted an 18-percent hike in revenues in the third quarter to $20.66 billion. It had $13.58 billion cash in the quarter ($11.49 billion a year ago) and $12.9 billion in gross industrial debt ($12.4 billion a year ago).

Chrysler chief operating officer Richard Palmer disclosed that the carmaker had incurred $200 million in added recall costs in the first nine months of 2014, and another $100 million in added warranty costs.

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