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Chrysler declares profits

by David Zatz on

Chrysler Group LLC reported that its preliminary second-quarter net income was $436 million, an $806 million improvement from the $370 million net loss in the second quarter of 2011 (due to a $551 million charge related to repayment of its government loans).  Excluding the one-time charge in 2011, net income increased $255 million, or 141%, quarter to quarter.

Second-quarter 2012 revenue was $16.8 billion, up 23% from the second quarter of 2011, driven by a 22% increase in shipments.

For the first six months of 2012, Chrysler recorded net income of $909 million on revenue of $33.2 billion.

Chrysler’s Modified Operating Profit was $755 million, or 4.5% of revenue, in the second quarter, up 49% from the $507 million reported in Q2 2011. Higher volume and better pricing was partly offset by a shift to a less truck/SUV-heavy mix, along with greater vehicle content and increased spending for new models. Modified Operating Profit for the first half of the year was $1.5 billion.

“Our results reflect a tireless pursuit by the people of Chrysler Group to deliver the very best quality and value across our brands,” said Sergio Marchionne, Chrysler Group LLC Chairman and Chief Executive Officer.

David Zatz founded Allpar in 1998 (based on a site he had begun in 1993-94), after years of writing reviews for retail trades. He has been quoted by the New York Times, the Daily Telegraph, the Detroit News, and USA Today. Before making Allpar a full-time career, he was a consultant in organizational psychology. You can reach him by using our contact form (much preferred) or by calling (313) 766-2304

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