Chrysler has some good news and some bad news. First, profits were up 16 percent over the second quarter of 2012, bringing the Auburn Hills, Michigan-based manufacturer $507 million on the back of strong demand for trucks and SUVs (a recurring theme this quarter, particularly in the US). Q2 revenue was up as well, from $16.8 billion in 2012 to $18 billion in 2013. The bad news is that the Pentastar's overall earnings forecast for net income in 2013 has been trimmed from $2.2 billion to between $
Chrysler employees received some good news this week. The automaker announced it would issue profit-sharing checks worth $1,500 to each of its hourly workers for the first time since 2005. The company posted a $183 million profit for 2011, marking the first time the company has avoided a loss in six years, according to The Detroit Free Press. The earnings were due largely to a host of more compelling vehicles, including the Jeep Grand Cherokee, Dodge Durango, Chrysler 200 and 300. Each of those
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
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
Sergio Marchionne harbors no illusions about Chrysler being in the black for 2010. The Detroit News reports the Chrysler chairman and Fiat CEO stated flat out that a net profit in 2010 isn't likely during an August 23rd tour of a Toledo Jeep plant. Despite recent reports of operating profits from Chrysler, there's still tremendous cost associated with loan interest payments and a lineup of moribund product to turn over. Add to the mix the reintroduction of Fiat automobiles to the U.S. market, an
The post-bankruptcy Chrysler Group is continuing its financial recovery even as the overall economy continues to sputter along. In the April–June quarter, the automaker posted an overall operating profit of $183 million and added $474 million to its cash coffers. After factoring in all the non-operational expenses (everything besides building and selling cars and trucks), the automaker still had a $172 million loss for the quarter. That's not bad considering the only new product that Chrys
Chrysler may be more than a little short on new products right now, but that apparently isn't stopping Team Pentastar from bolstering its bottom line. The Detroit Free Press reports that Fiat/Chrysler CEO Sergio Marchionne told reporters that Chrysler managed to produce black ink between April and June. We won't know exactly how much money Detroit-based automaker pulled in until August.
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.
Think Chrysler is having a banner 2010? A quick glance at the sales charts shows a company in dire need of new product, better quality and a Hail Mary on the showroom floor. But as bad as the situation is right now in Auburn Hills, MI, it appears the company could just about be done bleeding cash.
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
Despite the fact that the beleaguered automaker has not yet turned a profit since its unceremonious departure from Daimler to Cerberus, Chrysler CEO Bob Nardelli says that the company is still on track. "Through the first quarter we are still on plan relative to the pro forma and the targets we established for 2008, in spite of some of the economic winds that are hitting us," he says. In order to turn last year's $1.6 billion loss into positive cash flow, Chrysler will be relying heavily on join