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.
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Chrysler Group Second-Quarter 2012 Net Income Increased to $436 Million
  • Second-Quarter Modified Operating Profit Increased 49 Percent to $755 Million With Free Cash Flow of $866 Million
  • Chrysler Group LLC net income was $436 million in the second quarter, a 141 percent improvement over the Adjusted Net Income(a) of $181 million a year ago
  • Net revenue for the quarter was $16.8 billion, up 23 percent from $13.7 billion a year ago Modified Operating Profit(b) grew to $755 million in the quarter, 49 percent higher than a year earlier
  • Free Cash Flow(e) for the quarter totaled $866 million; Cash(d) ended the quarter at $12.1 billion compared with $10.2 billion a year ago and $11.3 billion at March 31, 2012
  • Net Industrial Debt(f) was reduced to $432 million at June 30, 2012, from $2.1 billion a year ago and $1.3 billion at March 31, 2012
  • Worldwide vehicle shipments were 630,000 in the quarter, up 22 percent from 514,000 a year ago and in line with the full-year target
  • Worldwide vehicle sales for the second quarter totaled 582,000, up 20 percent from a year ago U.S. market share increased to 11.2 percent for the second quarter, up from 10.6 percent a year ago, driven by a 32 percent increase in U.S. retail sales; market share in Canada was 14.5 percent
  • Production of the all-new, fuel-efficient 2013 Dodge Dart started in Belvidere, Ill. and the vehicle is arriving in dealer showrooms now
  • Auburn Hills, Mich. , Jul 30, 2012 - Chrysler Group LLC today reported its preliminary second-quarter financial results, including net income of $436 million, an $806 million improvement from the $370

million net loss in the same quarter last year, which had included a $551 million charge related to repayment of its government loans. Excluding the charge, net income increased $255 million, or 141 percent, period over period, as the Company continues to achieve its business targets and improve sales across all brands.
"Our results reflect a tireless pursuit by the people of Chrysler Group to deliver the very best quality and value across our brands," said Sergio Marchionne, Chrysler Group LLC Chairman and Chief Executive Officer. "Together, we are always striving to achieve more, to learn from the past and build upon our successes. Nowhere is our dedication more evident than in the all-new Dodge Dart, with up to 41 mpg highway and levels of customization not typically found in the compact car segment."
Revenue for the quarter was $16.8 billion, up 23 percent from $13.7 billion in the second quarter of 2011, primarily driven by a 22 percent period-over-period increase in shipments. For the first six months, the Company recorded net income of $909 million on revenue of $33.2 billion.
The Company recorded a Modified Operating Profit of $755 million, or 4.5 percent of revenue, in the second quarter, up 49 percent from the $507 million reported in the prior year. The increase was attributable to strong volume and pricing, partially offset by unfavorable mix as we increased sales of cars versus trucks and SUVs, enhanced vehicle content and increased research-and-development spending for new models. Modified Operating Profit for the first half of the year was $1.5 billion.