• Net profit up 22% to $464m
  • Sales up 13.5% to $17.6bn
  • Modified Operating profit up 22% to $862m
  • Worldwide vehicle sales up 8% to 603,000

Chrysler said Q3 2013 net profit rose 22% year on year to US$464m with year to date net income past the $1.1bn mark.

Sales rose 13.5% last quarter to $17.6bn after vehicle shipments increased. The tally was $50.9bn for the first nine months of 2013.

Q3 operating profit rose 22% to $862m, or 4.9% of sales, as higher shipments and positive pricing were partially offset by higher costs and vehicle content enhancements, the automaker said. Nine month operating profit was $2.1bn.

Karl Brauer, senior analyst at Kelley Blue Book, said: “Chrysler's US sales grew again in the third quarter and have now reached pre-recession levels. The highly profitable Ram division is driving much of this growth, with sales and transaction prices up. Jeep is another bright sport, with the Grand Cherokee and Wrangler both contributing to higher transaction prices and increased profit. The division's momentum will continue when the all-new Cherokee hits dealerships in Q4.

"The company's market share remains flat and additional growth is hindered by a lack of new product for the Chrysler and Dodge brands. A redesign of the Chrysler 200 and Dodge Avenger is long overdue and necessary before the automaker can tap into the high-volume, and highly competitive, midsize sedan market. Parent company Fiat continues to face challenges in Europe, impacting product development for these and other critical models.”

Show the press release

Chrysler Group Reports Third-Quarter Net Income of $464 Million
 

Modified Operating Profit for the Quarter was $862 Million, From $706 Million a Year Ago
  • Chrysler Group LLC net income for the third quarter of 2013 was $464 million, an increase of 22 percent from $381 million a year ago
  • Net revenue for the third quarter was $17.6 billion, up 13.5 percent from a year ago
  • Modified Operating Profit(b) increased 22 percent to $862 million in the third quarter, from $706 million a year earlier
  • Free Cash Flow(e) for the third quarter was negative $343 million; Cash(d) as of Sept. 30, 2013, was $11.5 billion, down from $11.9 billion at both June 30, 2013, and Sept. 30, 2012
  • Net Industrial Debt(f) was $888 million at Sept. 30, 2013, up from $656 million at June 30, 2013, and  $693 million a year ago
  • Worldwide vehicle shipments were 593,000 for the quarter, up 6 percent from 559,000 a year ago
  • Worldwide vehicle sales for the third quarter were 603,000, up 8 percent from a year ago, driven primarily by a 16 percent increase in U.S. retail sales
  • U.S. market share was 11.2 percent for the third quarter, compared with 11.3 percent a year ago; Chrysler Group market share was 14.3 percent in Canada, the same as a year ago
  • Full-year 2013 guidance is confirmed

 

October 30, 2013 , Auburn Hills, Mich. - Chrysler Group LLC today reported its preliminary third-quarter 2013 results, including net income of $464 million, an increase of 22 percent from $381 million in the same quarter a year earlier. The third quarter marks the Company’s ninth consecutive quarter of positive net income. Net income for the first nine months of 2013 totaled more than $1.1 billion.

Net revenue was $17.6 billion for the third quarter of 2013, up 13.5 percent from $15.5 billion for the same period last year, primarily driven by an increase in vehicle shipments, including the Jeep Grand Cherokee and Ram pickup trucks. Net revenue totaled $50.9 billion for the first nine months of 2013.

“Chrysler Group’s ninth consecutive quarter of positive net income highlights our commitment to producing award-winning vehicles for consumers, such as the Jeep Grand Cherokee and the Ram 1500,” Chrysler Group LLC Chairman and CEO Sergio Marchionne said.  “We also are pleased to introduce the already award-winning Jeep Cherokee to the lineup, as it launches into the largest SUV segment in the United States.”
 
Modified Operating Profit was $862 million, or 4.9 percent of net revenue, in the third quarter, versus $706 million reported in the prior year. The 22 percent increase was primarily due to higher shipment volumes and positive pricing, partially offset by higher industrial and launch-related costs and vehicle content enhancements.  Modified Operating Profit was $2.1 billion for the first nine months of 2013.

Original source: Chrysler

Auto market intelligence
from just-auto

• Auto component fitment forecasts
• OEM & tier 1 profiles & factory finder
• Analysis of 30+ auto technologies & more