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Chrysler has announced a profit of $116 million for the first quarter of 2011, the company's first profit since exiting bankruptcy. This came from $13.1 billion in revenue, which represents a 35 percent increase compared to Q1 2010. Profit from operations was up, as well, as Chrysler managed to earn $477 million, more than tripling the positive cash flow of Q1 2010. Sales were up 18 percent on the quarter to 394,000 vehicles, and the automaker cites its 16 new or refreshed vehicles as reasons for the increase in revenue.

Equally exciting news comes in the form of extra security. Chrysler announced that cash reserves now total $9.9 billion, while available United States Treasury and Canadian government loans bring total cash available to $12.1 billion. Team Pentastar did pony up $348 million in interest payments for its government loans in the quarter. The Auburn Hills, Michigan-based automaker is hoping to cut that number down in future quarters by paying off government loans with bank loans with smaller interest rates.

The quarterly profit has led to many smiles at Chrysler headquarters, and CEO Sergio Marchionne is one of them. "Chrysler Group's improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers." Hit the jump to read over the Chrysler press release.

[Source: Chrysler | Image: Bill Pugliano/Getty]
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Chrysler Group LLC Achieved Net Income of $116 Million in First Quarter 2011; First Quarterly Net Income Since Company Began Operations in June 2009

Net Income totaled $116 million in Q1 2011 compared to a net loss of $197 million in Q1 2010
Modified Operating Profit totaled $477 million in Q1 2011, up from $143 million in Q1 2010
Net Revenues in Q1 2011 were $13.1 billion, up 35 percent from $9.7 billion in Q1 2010
Cash at March 31, 2011, was $9.9 billion, up $2.5 billion from December 31, 2010

May 2, 2011 , Auburn Hills, Mich. - Chrysler Group LLC today announced its preliminary financial results for the first quarter (Q1) 2011, reporting that it achieved its first quarterly net income since the Company began operations in June 2009.

Net Income in Q1 2011 was $116 million compared to a net loss of $197 million in Q1 2010.

"Chrysler Group's improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers," said Sergio Marchionne, Chief Executive Officer, Chrysler Group LLC. "These results are a testament to the hard work and dedication of our employees, suppliers and dealers, all of whom are helping Chrysler create a new corporate culture built on the quality of our products and processes, and simple, sound management principles.

"We remain focused on delivering great products to our customers and continuing to achieve the sales and financial targets outlined in our 2010-2014 business plan," added Marchionne.

Please see the attached files on the right for the full news release and presentation.


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    • 1 Second Ago
  • 15 Comments
      guyverfanboy
      • 4 Years Ago
      Hopefully with some fuel efficient diesels, they'll sell even more vehicles!
      dreadcthulhu01
      • 4 Years Ago
      So, what cars is Chrysler managing to sell, and why is anyone buying them? The Japanese make better mini-vans, Ford & GM make better trucks and SUVs, just about everybody makes better small & mid-size cars. Other than the cheap heavy duty off roader (Wrangler) and the relatively cheap large RWD car market that Chrysler's Charger/300 win by default, every Chrysler product is worse than a plethora of competing vehicles.
        joe23521
        • 4 Years Ago
        @dreadcthulhu01
        I bought a T&C for my wife and kids this year. The SafetyTec features are one big reason I went with Chrysler over the Japanese competition. (Chrysler not being Japanese is the other big reason.) So far, everyone LOVES it. I'm not saying it is the best minivan on the road - it may or may not be - but if you just compare the 2011 model to the 2010, you'll see a pretty clear indication of the direction in which Chrysler is going. I applaud them and support them.
          • 4 Years Ago
          @joe23521
          [blocked]
          Derek
          • 4 Years Ago
          @joe23521
          We bought one ourselves last week. T&C Limited. For its feature content, safety and overall packaging, after test driving the Odyssey, Sienna, and Quest, it was a no-brainer. IMO, the Chrysler was hands down the best of the bunch despite what CR and other review sites (cough) edmunds (cough) say. Plus, check out the Ody Club forums for all the problems the 2011 are having that Honda is not admitting to. Seriously folks, don't count out Chrysler just yet until you've seen the improvements in person. A year ago, I would have balked at the idea of buying a Chrysler. Having now seen their product (and lived with it for a few days now), I can heartily recommend anyone cross shop them when searching for a new vehicle.
        Tom Jackson
        • 4 Years Ago
        @dreadcthulhu01
        I would like for you to cite your sources when you make claims that the Japanese mini-vans are superior, and that Ford and GM make better trucks/SUVs. Wasn't the Dodge Ram truck of the year for 2009 AND 2010? I like how you throw around opinion as fact...
      tenspeeder
      • 4 Years Ago
      Let the Executive bonuses begin
      • 4 Years Ago
      [blocked]
      Zoom
      • 4 Years Ago
      "Team Pentastar did pony up $348 million in interest payments for its government loans in the quarter." Great news for taxpayers.
      SheldonRoss
      • 4 Years Ago
      Woohoo! Buy Italian!
      • 4 Years Ago
      [blocked]
      • 4 Years Ago
      [blocked]
      • 4 Years Ago
      [blocked]
      black republican
      • 4 Years Ago
      GO CHRYSLER ! With the Charger, 300 and 200, there's no stopping ya!!! http://www.youtube.com/user/bigtruckseriesreview#p/u/7/tVe-gg9Ktdw
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