Chrysler reports 80% increase in third quarter net profit to $381 million

Article by Anita Panait, on October 31, 2012

Chrysler Group posted an 80-percent increase in net profit for the third quarter of 2012 to $381 million, compared to $212 million in net profit for the same period in 2011. The carmaker’s profit feat was primarily attributable to strong sales of cars and light trucks in North America, which enabled it to post 30 consecutive months of year-over-year sales gains.

Chrysler logged an 18-percent hike in revenues in the third quarter of 2012 to $15.5 billion, as the carmaker recorded a 12-percent jump in global vehicle sales to 556,000 units.

Sergio Marchionne, Chrysler’s chief executive, said that the carmaker continues to “work feverishly” and is pleased to see its aspiration for excellence is translating into results." The carmaker affirmed its earnings guidance of $1.5 billion for full year 2012, and said that it is expecting free cash flow of more than $1 billion.

Chrysler posted $183 million in net profit in 2011, its first in black after emerging from bankruptcy in 2009. Chrysler posted $1.3 billion in net profit for the first nine months of 2012, compared to $509 million in net profit for the same period in 2011. Chrysler ended the third quarter of 2012 with $11.9 billion in cash, down from the $12.1 billion at the end of June.

The carmaker is getting ready for a number of major product launches in 2013 and 2014. The company posted a 46-percent increase in modified operating profit to 706 million, or 4.6% of revenue, for the third quarter of 2012, compared with from $483 million for the same period in 2011.

For the first nine months of 2012, Chrysler logged a 50-percent hike in modified operating profit to $2.2 billion. The carmaker attributed the hike in part to increased sales volumes and pricing. The hike was partially offset by a mix that favored less profitable passenger car sales instead of pickups and sports utility vehicles.

Topics: chrysler, profit

If you liked the article, share on:

Comments

Recommended

Just days after unveiling the refreshed 2018 Toyota Yaris hatchback to the North American public at the 2017 New York Auto Show, the Japanese company is now disclosing how much...
by - April 30, 2017
The next generation Volvo XC60 will be soon on its way to dealerships and customers as the Swedish carmaker has already commenced production of the mid-sized sports utility vehicle at...
by - April 30, 2017
In September 27, 2016, Porsche initially filed for a patent that is the “Unique Active Rear Diffuser”. And earlier this week, on April 27, 2017, the United States Patent and...
by - April 29, 2017
The Insurance Institute for Highway Safety (IIHS) has given its Top Safety Pick+ award to the redesigned version of the 2017 Kia Cadenza. This was a result of excellent a...
by - April 29, 2017
It’s pretty neat if you possess something of an extraordinary breed like, say, the Pagani Huayra. There are after all just a total of 100 units ever been built by...
by - April 28, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries