Chrysler raises net income by 65% in 2013 to $2.8 billion

Article by Christian Andrei, on January 30, 2014

Chrysler posted a 65-percent surge in net income in 2013 to $2.8 billion. It also posted a 10-percent rise in revenues to $72.1 billion. Adjusted net income for the year was $1.8 billion. Chrysler’s strong financial performance in full year 2013 was greatly helped by a huge rise in net profit in the fourth quarter.

For the last quarter of 2013, the carmaker logged $1.6 billion in net income, compared to $378 billion in the same period in 2012.

Chrysler’s results were boosted by a one-time tax gain of $962 million. The carmaker logged a 24-percent rise in revenues in the fourth quarter of 2013, bolstered partly by its holding of over 25,000 Jeep Cherokees past Oct. 1 to recalibrate their transmission software.

Adjusted net income for the quarter was $659 million. Chrysler commenced selling the Jeep Cherokee in the US in late October after a two-month delay. "The 2013 year-end financial results reflect the commitment Chrysler Group has made to rapidly refresh our product lineup with vehicles that achieve exacting performance standards," Chrysler chief executive Sergio Marchionne said in a statement.

Marchionne indicated in a letter to Chrysler employees that eligible unionized and salaried workers would receive a "performance award," but did not disclose the figure. Ford recently disclosed that its hourly workers would get a record profit-sharing bonus of $8,800.

Chrysler was able to hike its market share in the United States by two-tenths of a percentage point to 11.6 percent after selling 1.8 million vehicles in the country, according to the Automotive News data center.  The carmaker logged a 9-percent surge in sales in the US in 2013, thanks to strong demand for its reengineered pickup line and SUVs.

Topics: chrysler, income

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