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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.

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