Chrysler Group said on Thursday (27 October) third quarter 2011 net income was US$212m compared with a net loss of $84m a year ago. Revenue rose 19% to $13.1bn.
Modified operating profit grew to $483m in the quarter from $239m. The operating profit was 3.7% of net revenue versus 2.2% in Q3 2010 thanks to increased sales volume and improved pricing and mix, partially offset by increased advertising and industrial costs.
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Chrysler ended the quarter with $9.5bn in cash versus $10.2bn at 30 June, 2011.
“In the third quarter, Chrysler Group achieved increased sales and positive financial results, totally in line with the plan we laid out in November 2009. And in October, together with the United Auto Workers, we crafted a solid four-year contract that will support us in our growth plans and significantly reward our employees for their contribution to the revival of Chrysler,” said Sergio Marchionne, chairman and CEO.
“This house continues to be fully focused on financial performance and making outstanding cars and trucks by fully leveraging its alliance with Fiat.”
