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.


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    • 1 Second Ago
  • 55 Comments
      mawhalen53
      • 2 Years Ago
      FYI, title says 436 but article says 346. Might want to adjust that.
      egcm2
      • 2 Years Ago
      Let's count the mistakes: 1) $346 million instead of $436 million 2) $551 instead of $551 million 3) $16.8 million instead of $16.8 billion 4) in the first half the first six months of 2012 I'm not sure why I read this site, it must be just a bunch of 12-year-olds pasting stuff around in text boxes.
        CEC
        • 2 Years Ago
        @egcm2
        Lets not. It is a ******* blog about cars, not grammar skills. The only time people should complain about improper grammar is when the post isn't able to be comprehended. Otherwise, just STFU and try to not look like a douche.
          A P
          • 2 Years Ago
          @CEC
          YOU are the DB when you dont know the freaking difference between factual errors and errors in grammar. What a moron.
      GreenN_Gold
      • 2 Years Ago
      I remember not long ago when pundits criticized Chrysler for being too US-centric. Virtually all of their production takes place in the US or NAFTA trade zone (hello Brampton and Toluca), and likewise, virtually all of their sales are in the US. Chrysler relies far more on US sales then any other car manufacturer by a wide margin. Their international sales are a pittance of their US sales. This is one reason Chrysler suffered heavily when the economy caused US auto sales to tank, and some analysts couldn't see a viable future for the company. Now, however, the US auto industry is steaming along and Chrysler in enjoying the insulation from international auto sales. Meanwhile, Ford, GM, and other auto makers are losing tons of money in Europe during their financial crisis. In the long run, the diversification that other auto makers have is probably the wiser strategy. For the time being, though, Chrysler benefits from being the most US-centric car company by a long shot.
      LJD
      • 2 Years Ago
      *pay off $551 million ... not "pay of $551 million ..." /grammarnazi
      Avinash Machado
      • 2 Years Ago
      Quite impressive for a company that just was on the verge of collapse a few years ago.
      donnie
      • 2 Years Ago
      I cant wait until the new 200 comes out hopefully I will be able to get one maybe a coupe
      • 2 Years Ago
      [blocked]
        MyerShift
        • 2 Years Ago
        Sure. When it makes sense to give you back what, five or ten bucks you don't even miss? Ha!
        CEC
        • 2 Years Ago
        You want your a check for $3.50? Broken down, the 1.2Billion that wasn't paid back because of the bankrupted Bush loan, equals $3.50 per person in the US. Personally, I'm more pissed about the Billions spent in Iraq for no reason.
          CEC
          • 2 Years Ago
          @CEC
          SonataGuy: If 50% of people don't pay taxes, that means the odds are, because I pay taxes, it means that you don't. So STFU about wanting a welfare check from Chrysler.
          MyerShift
          • 2 Years Ago
          @CEC
          Oops. My guess was off. Hehe.
          • 2 Years Ago
          @CEC
          [blocked]
        frost54661
        • 2 Years Ago
        Ask GM. They're the only ones who haven't repaid their share. I'd ask Ford as well as they took money for Ford Motor Credit. Also, almost forgot, but I'd ask GM and Ford where's the money from WWII when they sued the United States because their factories were destroyed in Europe by allied forces when Hitler took them over.
        Justin Campanale
        • 2 Years Ago
        Did Sea Urchin get a new name?!?!?
        • 2 Years Ago
        [blocked]
      zoom_zoom_zoom
      • 2 Years Ago
      Glad to hear an Italian car company is making a profit.
      Car Guy
      • 2 Years Ago
      Your Welcome -- The taxpayers
        A P
        • 2 Years Ago
        @Car Guy
        At least they actually paid money back....unlike the lies that GM told a few years ago.......the only money GM paid back was what was left in one account from the bailout.
        LJD
        • 2 Years Ago
        @Car Guy
        *You're welcome. Not, "Your Welcome." /grammarnazi
      RetrogradE
      • 2 Years Ago
      Who is buying Chrysler these days? I wouldn't buy one even if I were Ray Charles. I've laid turds more impressive.
        frost54661
        • 2 Years Ago
        @RetrogradE
        That's one hell of an a**hole you have then, considering you passed a 2 ton turd.
          RetrogradE
          • 2 Years Ago
          @frost54661
          I didn't say my turd was as big as a Chrysler, just more impressive. In case you still don't get it, I'm saying that Chrysler is sh**. They look like sh**, drive like sh**, and smell like sh** and I don't know why anyone would buy one. Period. I rescind my comment about Ray Charles. I'd have to be Tommy the deaf, dumb and blind pinball wizard to drive a Chrysler.
          carfan
          • 2 Years Ago
          @frost54661
          when your mother laid a more impressive turd, out came a turd called retrowhatever
      • 2 Years Ago
      [blocked]
        MyerShift
        • 2 Years Ago
        Everything worth anything they have has been extensively overhauled. I see far more new 200's and Avengers than the old style Sebring/Avenger!
      MAX
      • 2 Years Ago
      Chrysler sold 69,102 of the revamped 200 model through June, an increase of 113%. Also, Dodge Avenger sold 52k units through June, an increase of 73%.. I was at an old car show this weekend and I thought coolest car there was the 2012 Charger Hemi, it does everything the old cars did, get pretty good gas mileage and is competitive with the best similar German sports sedans. In black, it looked quite attractive especially parked next to a new Sonata and Lexus iS.
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