In addition, the manufacturer posted net revenue of $13.1 billion, which marks a 19-percent increase over the same period in 2010. Chrysler is optimistic that its new four-year labor contract with the United Auto Workers will allow it to continue to produce strong figures moving forward. Hit the jump for the press release.
Chrysler Group Modified Operating Profit More Than Doubled From Prior Year on 19 Percent Increase in Quarterly Net Revenue
Chrysler Group's third quarter 2011 net income totaled $212 million compared with a net loss of $84 million a year ago
Third quarter net revenue was $13.1 billion, up 19 percent from a year ago
Modified Operating Profit(b) grew to $483 million in the quarter, from $239 million a year ago
Chrysler Group ended the quarter with $9.5 billion in Cash(d) versus $10.2 billion at June 30, 2011
New four-year national labor agreement with the UAW ratified on October 26
October 27, 2011 , Auburn Hills, Mich. - Chrysler Group LLC today reported preliminary net income of $212 million for the third quarter, compared with a net loss of $84 million a year ago, as the Company continues to increase sales and benefit from its alliance with Fiat S.p.A.
In the third quarter of 2011, net revenue was $13.1 billion, a 19 percent increase from the third quarter of 2010, driven by increased demand for Chrysler Group's 16 all-new or significantly refreshed cars and trucks.
The Company reported a Modified Operating Profit of $483 million for the quarter, or 3.7 percent of net revenue, up from $239 million, or 2.2 percent of net revenue, in 2010. Modified Operating Profit benefited from increased sales volume and improved pricing and mix, partially offset by increased advertising and industrial costs.
"In the third quarter, Chrysler Group achieved increased sales and positive financial results, totally in line with the plan we laid out in November 2009. And in October, together with the United Auto Workers, we crafted a solid four-year contract that will support us in our growth plans and significantly reward our employees for their contribution to the revival of Chrysler," said Sergio Marchionne, Chairman and Chief Executive Officer, Chrysler Group LLC. "This house continues to be fully focused on financial performance and making outstanding cars and trucks by fully leveraging its alliance with Fiat."
Please see the attached file on the right for the full news release. The presentation will be added in advance of the analyst webcast and conference call to review and discuss Chrysler Group's third quarter 2011 financial results.
Chrysler Group will host the analyst webcast and conference call on Friday, Oct. 28, 2011, at 8 a.m. ET / 1 p.m. UK / 2 p.m. CET.
For webcast access, go to http://www.chryslergroupllc.com/en-us/investor/webcast.