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Chrysler declares another profit

by David Zatz on

Chrysler reported a preliminary third-quarter net income of $381 million,  80% more than the same quarter a year ago. For the first nine months of the year, net income totaled $1.3 billion.

“We’ve changed the conversation at Chrysler Group,” said Sergio Marchionne, Chrysler Group LLC Chairman and Chief Executive Officer. “… We are confirming guidance for the year, and expect Free Cash Flow to be well in excess of $1 billion.”

Net revenue for the quarter was $15.5 billion, up 18% from the third quarter of 2011, primarily driven by a 19% increase in shipments. For the first nine months of the year, the Company recorded net revenue of $48.6 billion, a 22% increase from the same period a year ago.

Modified Operating Profit(b) grew to $706 million in the quarter, up 46% from a year earlier; cash flow for the quarter was a loss of $65 million, compared with a loss of nearly $700 million a year ago. Net industrial debt was $693 million, though, compared with $2.2 billion a year ago; it appears cash has been diverted to loan repayment, cutting operating costs.

Worldwide vehicle shipments were 559,000 for the quarter, up 19% from the third quarter 2011. Worldwide sales were 556,000 for the quarter, up 12%. Third-quarter US market share was 11%; Canadian market share was 14%.  More details and a Q&A will be presented on Tuesday.

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