Good news has been in abundant supply for the domestic automakers the last twelve months, and nowhere is that more evident than in the headline to this press release: "Chrysler Group Reports Full Year 2011 Net Income of $183 Million." Now, $183 million isn't exactly a king's ransom in the auto industry (or elsewhere – Apple made $25.92 billion last year). But if Chrysler is making money again for the first time since emerging from bankruptcy, well, perhaps the U.S. auto industry has finally recovered from 2009.

The smallest of the Big Three automakers reported sales of 1,369,114 vehicles in 2011, up 26 percent from 2010. Chrysler led all automakers in percentage sales gains last year, and finished fourth in U.S. sales, behind General Motors, Ford and Toyota. To read the full press release, click past the jump.
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Chrysler Group Reports Full Year 2011 Net Income of $183 Million

Chrysler Group's Full Year 2011 Modified Operating Profit More Than Doubled to $2 Billion With Free Cash Flow of $1.9 Billion
  • Chrysler Group full year 2011 net income improved to $183 million from a net loss of $652 million in 2010 and despite a $551 million loss on extinguishment of debt in Q2 2011; fourth quarter net income was $225 million, the highest quarterly net income since the Company began operations in 2009
  • Net revenue for the year was $55.0 billion, up 31 percent from a year ago; fourth quarter net revenue increased 41 percent to $15.1 billion
  • Modified Operating Profit(b) grew to $2.0 billion for the year, 2.5 times higher than 2010, and $508 million in the fourth quarter
  • Free Cash Flow(e) for full year 2011 totaled $1.9 billion driving Cash(d) at year end 2011 to $9.6 billion compared with $7.3 billion a year ago
  • Worldwide vehicle shipments were 2.0 million for full year 2011, up from 1.6 million a year ago
  • Chrysler Group achieved its third and final performance event in January 2012 by committing to produce its new fuel-efficient vehicle, increasing Fiat S.p.A.'s ownership interest to 58.5 percent
February 1, 2012 , Auburn Hills, Mich. - Chrysler Group LLC today reported preliminary net income of $183 million for the full year 2011, up from a net loss of $652 million a year ago, exceeding the objective set in November 2009.

The Company's full year net income included a $551 million loss on extinguishment of debt recognized in the second quarter of 2011, when the Company repaid its outstanding obligations to the U.S. Treasury and Canadian governments in full, with interest, six years early. Excluding the charge, Adjusted Net Income(a) for the full year 2011 was $734 million, exceeding the Company's 2011 guidance and further delivering on the goals established two years ago.

For the fourth quarter, net income was $225 million, up from a loss of $199 million a year earlier, as the Company continues to increase sales of its successful new and significantly refreshed vehicles.

As of January 2012, Chrysler Group has achieved all three performance events set forth in its Amended and Restated LLC Operating Agreement. As a result of achieving these events, and in combination with other transactions, Fiat S.p.A. now owns 58.5 percent of the membership interests in Chrysler Group.

"The house is in good order. We are proud of the work we've done," said Sergio Marchionne, Chairman and Chief Executive Officer of Chrysler Group LLC. "Now we greet a new year of high expectations with our heads down, forging ahead and focused on executing the goals we've set for ourselves as a company."


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  • 54 Comments
      Paul P.
      • 2 Years Ago
      When they bring out the diesel version of the Durango they'll have another sale from me. That's assuming that GM doesn't bring out a diesel Suburban first and that the Durango diesel is offered with a two-speed transfer case like the Hemi Durango.
      greenz1977
      • 2 Years Ago
      Great to see Chrysler is profitable once again! Now put Ram back under Dodge where it belongs.
      guyverfanboy
      • 2 Years Ago
      This is very good news for Fiat-Chrysler! :)
      dezoris00
      • 2 Years Ago
      Dumb people are buying cars again it seems.
        Frank
        • 2 Years Ago
        @dezoris00
        Maybe you clicked here by mistake. This is Autoblog, not Bicycleblog.
        ryan
        • 2 Years Ago
        @dezoris00
        More dumb people commenting again, with there brilliant one liner comments. That are always so enlightening.
      Frank
      • 2 Years Ago
      "...the Company repaid its outstanding obligations to the U.S. Treasury and Canadian governments in full, with interest, six years early..." Sounds like history repeating itself. there were those back then who said the company should have gone under. They were wrong then, they are wrong now. Good job Chrysler! Good job Sergio and company!
      • 2 Years Ago
      [blocked]
      • 2 Years Ago
      [blocked]
        MAX
        • 2 Years Ago
        Hyundai/Kia is the poster child for government bailouts, the Korean government bailed them out rather than let foreign companies take them over. Today's Chrysler is the best run car company in America and the products, the marketshare gains and profit increases prove it.
          Klinkster
          • 2 Years Ago
          @MAX
          What profit? You mean the whole DOLLAR per Vehicle Sold that "Today's Chrysler" made? Let's celebrate! Yup - best run company - for sure... :/
          omgcool
          • 2 Years Ago
          @MAX
          Klinkster: I bet if Chrysler made significantly more money per vehicle, you'd be whining about that too, saying that they "overcharged those poor customers." If you were a shareholder, I could ALMOST see why you are upset by Chrysler's relatively small profit, but profit is profit nonetheless, especially since they've been scarce to see a good year lately. And like others have said, their expenses have been through the roof recently given the refreshed lines and loan repay. All things considered, I'd say they're doing pretty well right now. It's rare to see a household complaining that a firm didn't take enough money away from a sale. If you hate Chrysler so much, which it appears you do, then why are you here?
        Love Great Danes
        • 2 Years Ago
        And Hyundai gets subsidies regularly for their government. Check your facts. So since Chrysler was sold out to Daimler and raped for cash we should have left the carcass to "die in a ditch" when the bastards from Daimler were here they specifically said "if a customer is not complaining about what was taken out of the cars, take out more" Yep, that was the mandate we were forced to work to. Not saying Chrysler would not have hurt in the last years since the economy went down the crapper, but it would have been easier without a parasite ******* us dry. Your screen name is more like "Collision of your head up your @$$.
      CarCrazy24
      • 2 Years Ago
      It's a start in the right direction, well done
      TMTexas
      • 2 Years Ago
      Hopefully the political banter over this "bailout" (actually it was a loan guarantee, again) will finally start to wane. I'm a pretty political person and very much a fiscal conservative but I do have to admit that the moves by GWB and BO to keep this company afloat are now proving to be a net positive to out country (the treatment of the bondholders notwithstanding). I've always been a Chrysler guy, my family worked there when we lived in Detroit and we've always had and continue to have Chrysler vehicles. Right now I couldn't be happier for the company and the dedicated people who work there, sticking it out through thick and thin. The product on the streets right now is some of the best in the industry, it just goes to show how much talent has always been hidden in Auburn Hills under the Daimler thumb, just waiting to be able to build vehicles like they are now. Good work Chrysler, good work Sergio and your team.
        kagroyalo
        • 2 Years Ago
        @TMTexas
        I agree enough of the bailout talk already, unfortunately it was needed due to the mismanagement of Daimler , because if you remeber Chrysler was doing just fine in 1998 before "The Merger of Equals" and frankly after what Cerberus did we were lucky that anything was left to save. I too am a Chrysler lover and their products now along with the commitment to build what buyers want have shown to be money well spent. However don't forget that most if not all of these plans were probably under the direction of Daimler,but needed Fiat's finances to see them through and now they are reaping the benefits. Lets hope the keep the momentum going
          TMTexas
          • 2 Years Ago
          @kagroyalo
          You don't have to remind me, I fondly recall the days in 90s when Chrysler was the world's most efficient automaker and had the most cash. Daimler ruined the company. True a little of this new development started under them, truth is a LOT of it did start under Cerberus. Granted, Cerberus had no business being in the car business, but they did bring in some heavy hitters (Press, Betts) to try and right some things. Marchionne's team was able to come in, tweak some things, and keep pushing them forward which is what's happening now. Plus, unlike the Daimler merger, Fiat can benefit from Chrysler as much as Chrysler can benefit from Fiat. Daimler saw Chrysler as a piggy bank, nothing more.
        omgcool
        • 2 Years Ago
        @TMTexas
        You and I would get along. I'm tired of the bailout talk. Sometimes I think people just want something to complain about. Everyone loves to have an opinion, even if isn't really their own formation.
      Jesus!
      • 2 Years Ago
      Good for them. I may be trading my 12 Focus in for a Chrysler product here soon. Would be my first one ever. I am glad they are doing well again!
      Klinkster
      • 2 Years Ago
      $183 Million? Million? MILLION?? That's it???!!! Not BILLIONS??!! For a company that sold a paltry 887K units in 2010 and increased to 1.15M vehicles in 2011 (263K increase!!)...everyone should be asking themselves: "Where the heck did they spend all their profits?" The answer: MASSIVE Consumer incentives to consumers and fleet companies to ensure they keep PUSHING out cars...at any cost. If I was a shareholder, I'd be hopping mad and dumping my shares asap. This is not a sustainable business model and if Chrysler can't maintain/exceed 1.15M unit sales in 2012, then they are done (again). It's the business-as-usual model that put GM and Chrysler into bankruptcy in the first place. If I was a Chrysler owner, I also better recognize that because of these massive incentives my cars residual value will be next to nil in just 4 years.
        TMTexas
        • 2 Years Ago
        @Klinkster
        I really wish we could establish "basic understanding of the subject at hand" as a requisite for commenting . . . clearly Klinkster, you haven't the slightest clue what you're talking about. 1. ANY profit is good for a company that exited CH11 recently. Even more impressive given the state of the overall economy and the baggage and obligations Chrysler carries with it as a legacy manufacturing company. 2. What did the "do with their profit"? If you had any capacity for analyzing a balance sheet and income statement you'd see what they did. Notice the drastic reduction in debt load? They paid off the charge and bolstered their cash position, that's what they did with their "profit". Oh, and not to mention rolled out 16 new or significantly upgraded vehicles. 3. This is the best one. How, exactly, would you be a shareholder? Because, as you should know if you're spouting off about financials, Chrysler Group is still a PRIVATELY HELD company. Chrysler has no publicly traded stock, thus you as a "shareholder" have nothing to "dump asap" (except your miniscule comprehension of financials). 4. The only incentives on Chrysler vehicles are to push old models out the door. $4k on the hood of a Nitro? Big deal, the Nitro is dead. Use some logic, residuals on the good stuff - Grand Cherokee, 300, Challenger - will be JUST FINE. 5. Chrysler shipped 2 million vehicles worldwide in 2011, don't know where your 1.15M number came from . . .
          RamSport
          • 2 Years Ago
          @TMTexas
          Brilliant explanation to the under-informed!
          LBFTPSEC
          • 2 Years Ago
          @TMTexas
          Well said Tex. People who don't know what they're talking about should not impose to put their opinion out in such an exuberant manner *ahem*klinkster*ahem*.
      Big Squid
      • 2 Years Ago
      Nowhere to go but up? Or is this the dreaded dead-cat bounce?
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