Chrysler has posted a first quarter 2014 net loss of $690m due to extraordinary items related to the settlement with the UAW’s healthcare trust at the beginning of the year under which Fiat took 100% ownership of Chrysler.

However, adjusted net income for the quarter, excluding infrequent items, was $486m, up from $166m a year ago. Net revenue for the quarter was $19bn, up 23% from a year ago as Chrysler continued to benefit from recovery in North America.

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Worldwide vehicle shipments were 668,000 for the quarter, up 16% from 574,000 a year ago.

Worldwide vehicle sales for the first quarter were 621,000, up 10% from a year ago, driven primarily by a 19% increase in US retail sales.

Fiat Group last week reported an EUR319m net loss for first quarter.

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The merged Fiat-Chrysler company, FCA, is expected to be listed on the NYSE later this year.  

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