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]
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.