Autoblog

Ram helps power Chrysler to 11% gain in May

Seyth Miersma — Mon, 03 Jun 2013 14:15:00 EST

Filed under: Sedan, SUV, Truck, Chrysler, Earnings/Financials, Ram

Increasing consumer demand for Ram pickup trucks and big SUVs has helped to boost May sales for Chrysler. Ram sales were up a total of 24 percent year-over-year for the month of May. In addition, Dodge sales increased by 23 percent in May, with the standout Durango clocking a 24-percent year-over-year improvement (with an updated 2014 model in the wings, incentives are thick on the ground for 2013 inventory). Fiat and Jeep were up only a modest one percent, however, and Chrysler brand sales were down by two percent against last year's figures.

Chrysler is quite pleased overall with brand performance, saying that this May marks the company's strongest in the past six years. It was also the 38th consecutive month showing year-over-year sales gains.

Eight of the automaker's vehicles set sales records for May, as well: Jeep Wrangler and Compass, Dodge Avenger and Challenger, Fiat 500, Chrysler 200 and Ram pickups. Scroll down to read more detail in Chrysler's press release.

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Chrysler posts $381 million Q3 net profit

Zach Bowman — Tue, 30 Oct 2012 14:41:00 EST

Filed under: Chrysler, Earnings/Financials, Fiat

Chrysler reports that its vehicle sales jumped by 12 percent in the third quarter over the same period in 2011. That step up was enough to bump profits by 80 percent to $381 million on $15.5 billion of net revenue. Moving forward, the automaker expects to see fourth-quarter profit of $210 million, which should help the company realize its forecast of $1.5 billion of net profit for the year. Reuters reports Chrysler CEO Sergio Marchionne expects the automaker's free cash flow for 2012 to be "well in excess" of $1 billion.

Over the same period, the smallest of the Big Three laid claim to an 11.3-percent slice of the domestic market, thanks largely to a 16-percent jump in US retail sales. More importantly, the manufacturer's net industrial debt now sits at $693 million, down from $2.2 billion one year ago. You can check out the full press release below for more information.

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Chrysler posts $381 million Q3 net profit originally appeared on Autoblog on Tue, 30 Oct 2012 14:41:00 EST. Please see our terms for use of feeds.

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Fiat may control Chrysler, but it can't reach in its pockets

George Kennedy — Mon, 06 Aug 2012 17:35:00 EST

Filed under: Europe, Chrysler, Earnings/Financials, Fiat

Despite the fact that Fiat has a controlling stake in Chrysler, the Italian automaker cannot take advantage of the Pentastar's recent success to ease its pain in Europe.

Chrysler is on a roll right now, with an improving product portfolio, most recently highlighted by the Dodge Dart small car. The Pentastar brand has combined cash and credit worth $13 billion, but according to a new USA Today report, the Italian automaker cannot plunder Chrysler to address shortfalls on its end. Fiat was forced to cut capital expenditures in 2012 by $612 million, and while the brand posted a $440 million profit, without Chrysler's earnings, it would have been a $302 million loss.

So while the temptation might be there to move around funds where it is needed most, protections have been put in place by the U.S. government. According to Marichionne, "Firewalls are up, [Fiat] can't get to it."

As part of the original deal with Fiat and the U.S. government bailout, Fiat cannot get access to Chrysler's increasing stockpile of cash. It can, however, keep profits, of which Chrysler earned $436 million in the second quarter off this year.

Fiat may control Chrysler, but it can't reach in its pockets originally appeared on Autoblog on Mon, 06 Aug 2012 17:35:00 EST. Please see our terms for use of feeds.

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Chrysler posts Q2 profit of $436 million

George Kennedy — Tue, 31 Jul 2012 10:44:00 EST

Filed under: Car Buying, Chrysler, Dodge, Jeep, Earnings/Financials, Ram

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 posts Q2 profit of $436 million originally appeared on Autoblog on Tue, 31 Jul 2012 10:44:00 EST. Please see our terms for use of feeds.

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Chrysler Group reports quadrupled Q1 profits on U.S. sales increase

John Neff — Thu, 26 Apr 2012 10:03:00 EST

Filed under: Chrysler, Earnings/Financials

Chrysler Group had nothing but good news to share this morning as it has reported its financial results for the first quarter of 2012. The headline-hogging number is that the automaker's first quarter profit quadrupled from $116 million a year ago to $473 million this year. All that was on the back of U.S. sales that increased 39 percent year-over-year. The rise in sales also resulted in Chrysler Group increasing its market share in the U.S. from 9.2 to 11.2 percent.

With such an impressive first quarter, Chrysler is targeting an equally impressive year. Its forecast for profit in 2012 has been set at $1.5 billion, while last year it earned just $183 million.

Here are the rest of Chrysler's first quarter financial highlights:

Net revenue for the quarter was $16.4 billion, up 25 percent from $13.1 billion last year
Has $1.3 billion in free cash flow, ended the quarter with $11.3 billion in cash, up from $9.9 billion last year
Net industrial debt was reduced to $1.3 billion from $3.4 billion last year
Worldwide vehicle shipments for the quarter were 607,000, up 25 percent from 485,000 last year
Fleet sales were 31% of total sales, flat versus Q1 2011
Highest Canadian market share of 15 percent, first time ever
International sales of Chrysler Group vehicles rose 80 percent to 67k

Continue reading Chrysler Group reports quadrupled Q1 profits on U.S. sales increase

Chrysler Group reports quadrupled Q1 profits on U.S. sales increase originally appeared on Autoblog on Thu, 26 Apr 2012 10:03:00 EST. Please see our terms for use of feeds.

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Chrysler posts $183M profit for 2011

Jeff Sabatini — Wed, 01 Feb 2012 18:29:00 EST

Filed under: Chrysler, Earnings/Financials

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 posts $183M profit for 2011 originally appeared on Autoblog on Wed, 01 Feb 2012 18:29:00 EST. Please see our terms for use of feeds.

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Chrysler reports $212M third quarter earnings

Zach Bowman — Thu, 27 Oct 2011 13:29:00 EST

Filed under: Chrysler, Earnings/Financials

Chrysler earned a net income of $212 million during the third quarter of 2011. That figure marks a significant improvement over the same period last year, when the company posted a net loss of $84 million. Chrysler notes that its modified operating profit more than doubled compared to the third quarter of last year. The automaker posted a modified operating profit of $483 million for Q3 2011 compared to $239 million in Q3 2010. Chrysler sites an increased demand for the company's multiple refreshed products as well as increased sales volume, better pricing and more advertising as the reason for the improvements.

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.

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Chrysler reports $212M third quarter earnings originally appeared on Autoblog on Thu, 27 Oct 2011 13:29:00 EST. Please see our terms for use of feeds.

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Ford, Chrysler report quarterly earnings

Jeff Glucker — Tue, 26 Jul 2011 13:00:00 EST

Filed under: Chrysler, Ford, Earnings/Financials

As we continue to pull the daily sheets from our Word of the Day calendar and accountants are busy counting the days of their fiscal calendars, the pencil pushers at Ford and Chrysler can rest easy for a moment because they just finished compiling the numbers for the second quarter.

Ford earned a net income of $2.4 billion in Q2, which is actually $201 million less than it had raked in by this time last year. The net income was affected by a reduction in staff, various dealership actions, pension settlements in Belgium and the move to eliminate the Mercury brand. The automaker enters the rest of the year with $32.2 billion in liquid assets, which will come in handy as Ford looks to expand its market share around the globe.

Chrysler as gone in a different direction than Ford for the second quarter of 2011. Compared to Q2 last year, the automaker is up 30 percent with net income of $13.7 billion. Chrysler's numbers should continue to grow as it releases new or redesigned models, and has paid off major debts owed to the United States and Canadian governments.

Ready to take a deeper dive into the quarterly earnings for both automakers? Click past the jump for the full financial reports.

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Ford, Chrysler report quarterly earnings originally appeared on Autoblog on Tue, 26 Jul 2011 13:00:00 EST. Please see our terms for use of feeds.

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Chrysler posts $115 million profit, first since bankruptcy

Chris Shunk — Mon, 02 May 2011 09:28:00 EST

Filed under: Chrysler, Earnings/Financials

Chrysler has announced a profit of $116 million for the first quarter of 2011, the company's first profit since exiting bankruptcy. This came from $13.1 billion in revenue, which represents a 35 percent increase compared to Q1 2010. Profit from operations was up, as well, as Chrysler managed to earn $477 million, more than tripling the positive cash flow of Q1 2010. Sales were up 18 percent on the quarter to 394,000 vehicles, and the automaker cites its 16 new or refreshed vehicles as reasons for the increase in revenue.

Equally exciting news comes in the form of extra security. Chrysler announced that cash reserves now total $9.9 billion, while available United States Treasury and Canadian government loans bring total cash available to $12.1 billion. Team Pentastar did pony up $348 million in interest payments for its government loans in the quarter. The Auburn Hills, Michigan-based automaker is hoping to cut that number down in future quarters by paying off government loans with bank loans with smaller interest rates.

The quarterly profit has led to many smiles at Chrysler headquarters, and CEO Sergio Marchionne is one of them. "Chrysler Group's improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers." Hit the jump to read over the Chrysler press release.

[Source: Chrysler | Image: Bill Pugliano/Getty]

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Chrysler posts $115 million profit, first since bankruptcy originally appeared on Autoblog on Mon, 02 May 2011 09:28:00 EST. Please see our terms for use of feeds.

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Chrysler reports $239 million operating profit for Q3

Zach Bowman — Mon, 08 Nov 2010 09:58:00 EST

Filed under: Chrysler, Earnings/Financials

Chrysler has announced a third-quarter operating profit of $239 million thanks to a 5.2-percent increase in revenue between July and September. That put the smallest of the Big Three's revenue at $11 billion. That put the company's net loss at $82 million, an improvement from the $172 million net loss recorded in Q2. As a result, Chrysler has adjusted its 2010 financial outlook, saying that it should be able to post an annual operating profit of $700 million for 2010, besting previous estimates by around $500 million. But most importantly, Chrysler says it will generate around $500 million in positive cash flow by the end of 2010. Forecasters originally had the company suffering a negative cash flow of $1 billion.

The turnaround is largely due to a rash of new products from Chrysler. The automaker is knee-deep in a campaign to launch 16 new or significantly rehashed models in as many months, and after a long period of model stagnation, fans of the brand are beginning to respond. The company has seen sales jump by 20 percent in the third quarter in the U.S., according to Automotive News. Hit the jump for Chrysler's official press release.

[Sources: Chrysler, Automotive News | Image: AP Photo / Wilfredo Lee]

Continue reading Chrysler reports $239 million operating profit for Q3

Chrysler reports $239 million operating profit for Q3 originally appeared on Autoblog on Mon, 08 Nov 2010 09:58:00 EST. Please see our terms for use of feeds.

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Rattner: GM and Chrysler will be "gushing profits"

David Kiley — Mon, 25 Oct 2010 16:31:00 EST

Filed under: Government/Legal, Chrysler, GM, Earnings/Financials

General Motors and Chrysler LLC will lead automakers to "gushing profits" when annual U.S. sales reach 15 million vehicles, said Steven Rattner, the former head of the federal government's auto task force, on Bloomberg TV last Friday.

"This industry has been restructured to make money," Rattner said to Bloomberg. At 15 million vehicles a year, "they will be gushing profits." That 15 million level is expected to be reached at mid-decade, according to predictions by companies like Toyota and GM.

A pace of 15 million vehicles is needed "simply to accommodate new drivers and the aging of the fleet," Rattner said. "It will happen, it's only a question of when."

Rattner recently published a book about his experience titled: Overhaul: An Insider's Account of the Obama Administration's Emergency Rescue of the Auto Industry.

Rattner also this month had to agreed to a ban from the securities industry as a result of a Federal investigation into charges he directed over $1 million in illegal kickbacks to New York State pension fund officials while he was a partner in Quadrangle Group, the post he had before being recruited by the White House.

Rattner, 58, led President Barack Obama's auto task force from February 2009 until July last year, after GM emerged from a bankruptcy backed by $50 billion in government aid.

General Motors is expected to launch its initial-public offering of stock as early as next month, while Chrysler is expected to to take itself public some time next year.

[Image: aresauburn[TM] | CC 2.0]

Rattner: GM and Chrysler will be "gushing profits" originally appeared on Autoblog on Mon, 25 Oct 2010 16:31:00 EST. Please see our terms for use of feeds.

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Neat trick: Chrysler claims $1.1 billion profit

Dan Roth — Fri, 08 Aug 2008 10:58:00 EST

Filed under: Trends, Chrysler, Earnings/Financials

It's a claim that needs a big, fat asterisk after it, but Chrysler's Jim Press is cheerily touting a $1.1 billion dollar gross profit. The number, which wasn't pulled out of a posterior orifice but has yet to be adjusted, is known as the EBIDA, or earnings before interest, depreciation, and amortization. Well, shoot, if you take all of the albatrosses off the necks of the automakers, they're all cranking along with nice gross profit numbers. Too bad that Chrysler's gross profit will turn into a disgusting loss once the accounting is done. It's good news that Chrysler's still making some money, even if a gross profit will turn into a net loss, and Press seems to indicate that Chrysler is aimed at right-sizing itself for future success. Moving vehicles is increasingly becoming a challenge as we suffer a hangover from the boom years of easy credit, and total volume is bound to be off by millions compared to just a few short years ago. Chrysler's product line doesn't strike us as well situated to eventually earn a net profit, saddled as it is with subpar interior materials, powertrains that want for refinement and output (in everything that's not V8- or Hemi-powered, that is), and uninspired design, but if Cerberus hangs in there instead of making everyone's strip and flip fears come true, the automaker may be able to get its act together for its product line after 2010.

[Source: Motor Trend]

Neat trick: Chrysler claims $1.1 billion profit originally appeared on Autoblog on Fri, 08 Aug 2008 10:58:00 EST. Please see our terms for use of feeds.

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