Chrysler has posted a net profit of $346 million in the second fiscal quarter of 2012. The amount represents a big jump compared to the $370 million loss it posted for the same time period a year ago. The automaker had to pay of $551 in U.S. government loans in that quarter.
Revenue for Chrysler Group rose 23 percent during the second quarter – up to $16.8 million – while worldwide sales rose 20 percent to 582,000 units. Chrysler had $12.1 billion in cash on its books by the end of Q2, up from $11.3 billion at the end of June.
In addition to not having to pay any loans this quarter, the automaker has benefited from a strong portfolio of new and reworked vehicles, resulting in increased demand. Chrysler sold 1.23 million vehicles in the first half the first six months of 2012, which puts it on track to exceed its self-set goal of 2.4 million vehicles sold for this year.
The strong-selling Ram pickup line and the newly arriving Dodge Dart compact sedan should help the Auburn Hills-based automaker as it looks to surge in the second half of 2012, as well. Scroll down to view the official earnings press release.