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$486 mil profits — before buyout costs

by David Zatz on

FCA-2014-money

Chrysler lost $690 million for the first quarter of 2014, due to $1.2 billion in unusual payments. The largest of these were $672 million “for commitments associated with the January memorandum of understanding (MOU) signed with the UAW,” and a $504 million non-cash loss to extinguish debt related to the prepayment of the UAW Retiree Trust Medical Benefits Trust Note. These items were part of the purchase of the portion of Chrysler owned by the Retiree Trust.

If these items were excluded, Chrysler would have made $486 million in profit, much more than the $166 million profit in the first quarter of 2013.

The company had a modified operating profit of $586 million, up 35% from the first quarter of 2013, with free cash flow of $919 million. Net revenue was $19 billion, up 23%, driven by a 16% increase in vehicle shipments and a 10% increase in vehicle sales. Net industrial debt at the end of the quarter was $551 million, $68 million lower than at the same time in 2013.

Chrysler’s market share rose from 11.4% (first quarter 2013) to 12.5% (first quarter 2014) in the United States, and from 16.0% to 16.6% in Canada.


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