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 finall
Things are looking up at Chrysler. The smallest of the American Big Three has announced that it managed to turn out a modified operating profit of $198 million for the fourth quarter of 2010. That number gave the Pentastar a modified operating profit of $763 million for the full year, even while fielding a net loss of $652 million in 2010. Modified operating profit excludes taxes, interest and pension costs.
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
From Monday's 'More Good News' edition, this nugget from Chrysler CEO Sergio Marchionne: "It is clear that if we continue to perform at this rate we're going to be in excess of the guidance that was provided in 2009." What does that mean? It means that Chrysler is making more money and using that money more efficiently than expected. If such performance keeps up, the Pentastar will put up better than expected numbers this year, and could be ripe for an IPO ahead of anyone's schedule.
- Volvo shoots for self-drivers by 2021
- Jeep spends $1 billion on factories
- Find Parts & Accessories for your vehicle!
- Obama rolls out new EV plan
- Infiniti dealers ranked best, Tesla worst
- Compare Volvo XC90 and Lincoln MKX