Chrysler Group posted its tenth consecutive quarter of increased net income as the company reported full-year results this morning. Net income totaled $2.8 billion including a $962 million non-cash from the release of valuation allowances on deferred tax assets, which took place in the fourth quarter of 2013. Adjusted net income rose 9%, to $1.8 billion, from $1.7 billion for 2012 as full-year revenues rose 10% to $72 billion.
Adjusted fourth-quarter net income was $659 million, up 74% from Q4 in 2012, on net revenues of $21 billion.
“The 2013 year-end financial results reflect the commitment Chrysler Group has made to rapidly refresh our product lineup with vehicles that achieve exacting performance standards,” said CEO Sergio Marchionne.
The improved results were driven primarily by increased shipments of Chrysler Group light trucks including the Ram pickup, Jeep Grand Cherokee and Jeep Cherokee. The company's U.S. market share increased to 11.4% from 11.2% in 2013, while its Canadian share advanced to 14.6% from 14.2% in the previous year. (Note: industry figures analyzed by Allpar show Chrysler Group had 11.6% of the U.S. light vehicle market in 2013.)
Included in the report was the full-year guidance for Chrysler in 2014. The targets for the full year 2014 are as follows:
- Worldwide vehicle shipments of 2.8 million
- Net revenue of $80 billion
- Modified Operating Profit of $3.7-$4.0 billion
- Net income of $2.3-$2.5 billion
- Free Cash Flow of $0.5-$1.0 billion
There will be a more detailed discussion of the financials today (9:00 AM EST; 3:00 PM CET) and the rumor mill says the newly merged company's name, country of registration and trading exchanges will also be announced.