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Chrysler: profits, again (updated)

by David Zatz on

Jeep with Chrysler Group Logo

Chrysler announced yet another quarter of profit, with preliminary figures of $619 million net income for the quarter, up 22% the same quarter in 2013. Adjusted net income for the first half of 2014 was up $1.1 billion, more than double the first half of 2013. This excludes “infrequent items” including prepayment of a note held by the UAW Retiree Medical Benefits Trust, which turned the net gain into a net loss of $71 million for the first half.

Net revenue for the second quarter rose from $18 billion in Q2 2013 to $20.5 billion, up 14%; net  revenue for the first half rose from $33.4 billion to $39.4 billion.

Modified Operating Profit was $985 million in the second quarter, or 4.8% of net revenue, up from $808 million reported in the prior-year period. The 22% increase was mainly the result of higher sales volumes and an improved mix, with better pricing, partially offset by increased incentive spending on legacy products, industrial and advertising costs, and foreign exchange changes. Modified Operating Profit for the first half of 2014 was $1.6 billion, or 4% of net revenue, up from $1.2 billion in the first half of 2013.

Worldwide shipments rose by 10%, to 727,000 vehicles. Net industrial cash on hand was at $331 million, a vast improvement over a net industrial debt of $551 million on March 31, 2014 or the $656 million of net debt on June 30, 2013.

Chrysler’s total available liquidity was $14.6 billion as of June 30, 2014, including $1.3 billion in revolving credit.

More information is due soon.

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