Chrysler net income rises 22% to $464 million in third quarter of 2013

Article by Anita Panait, on October 30, 2013

Chrysler Group posted a 22-percent rise in net profit in the third quarter of 2013 to $464 million, thanks to strong sales of pickups and sports utility vehicles that were able to offset delays in the rollout of the 2014 Jeep Cherokee. It was Chrysler’s ninth quarterly profit in a row. The carmaker logged an 8-percent rise in sale in the United States to 603,000 vehicles in the quarter, lower than the industry’s 12-percent rise.

Chrysler saw its revenues in the three-month period gain 13.5 percent to $17.6 billion, compared to $15.5 billion in the same period in 2012. The US carmaker posted cash of $11.5 billion at the end of September 2013, compared to $11.9 billion at the end of June and at end of September 2012.

Chrysler had a gross industrial debt of $12.4 billion at the end of September, compared to the $12.6 billion it had at the same point in 2012. According to Chrysler, delays in rolling out the 2014 Jeep Cherokee negatively impacted its cash flow in the third quarter. Chrysler commenced output of the 2014 Jeep Cherokee on June 24, 2013, but only started rolling the mid-sized SUV out dealers last week.

Chrysler only books revenue from the sale of its vehicles when it ships them to dealers. The carmaker still expects to ship around 2.6 million vehicles in 2013, around 200,000 units more than in 2012. The company forecasts profits of between $1.7 billion and $2.2 billion on revenues of between $72 billion and $75 billion for the full year 2013. [source: Chrysler]

Topics: chrysler, income

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