Chrysler posts $2 billion operating profit for 2011
Chrysler Group full year 2011 net income was $183 million, after 2010′s net loss of $652 million in 2010. The net income came despite a $551 million loss on elimination of debt in Q2 2011.
Fourth quarter net income was $225 million, the highest quarterly net income since the Company began operations in 2009.
Net revenue for the year was $55.0 billion, up 31% from a year ago; fourth quarter net revenue increased 41% to $15.1 billion
Modified Operating Profit grew to $2.0 billion for the year, 2.5 times higher than 2010, and $508 million in the fourth quarter.
Free Cash Flow for full year 2011 totaled $1.9 billion driving Cash at year end 2011 to $9.6 billion compared with $7.3 billion a year ago.
Net industrial debt was reduced by nearly 50 percent to $2.9 billion at December 31, 2011, from $5.8 billion a year ago.
Worldwide vehicle sales for full year 2011 totaled 1,855,000, up 22% from 2010; fourth quarter worldwide vehicle sales were 479,000, up 28% compared with a year ago.
U.S. market share increased to 10.5% for full year 2011, up from 9.2% a year ago, driven primarily by a 43% increase in U.S. retail sales
Worldwide vehicle shipments were 2.0 million for full year 2011, up from 1.6 million a year ago.
“The house is in good order. We are proud of the work we’ve done,” said Sergio Marchionne, Chairman and Chief Executive Officer of Chrysler Group LLC. “Now we greet a new year of high expectations with our heads down, forging ahead and focused on executing the goals we’ve set for ourselves as a company.”
