US: Chrysler books strong profits after US retail sales rise
Chrysler booked adjusted first quarter operating profit up 55% to US$740m and net income quadrupled to $473m on revenue up 25% to $16.4bn.
Worldwide vehicle shipments rose 25% to 607,000 as unit sales rose 33% to 523,000.
The automaker said the result was due mainly to its 40% increase in US retail sales.
Adjusted EBITDA was $1.4bn or 8.5% of net revenue, up 18%.
Vehicle sales outside North America increased 80% to 67,000, including 18,000 vehicles manufactured by Chrysler and sold by Fiat.
Chrysler is sticking to 2012 targets - vehicle shipments of 2.3-2.4m; revenue of $65bn; adjusted operating profit of at least $3bn and net income of $1.5bn.