Various special items, including a US$962m non-cash tax benefit boosted Chrysler Group’s 2013 net profit $1.1bn year on year to $2.8bn, the automaker said on Wednesday (29 January, 2014). Fourth quarter net income was $1.6bn.
Adjusted Net Income for the year was $1.8bn, an increase of 9% from $1.7bn a year earlier. Adjusted Net Income for the fourth quarter of 2013 totaled $659m, up 74% compared with the same period a year ago.
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Modified operating profit rose 9% to $3.2bn for the year; the Q4 total was up 51% to $1.1bn.
Worldwide vehicle shipments rose 6% to 2.6m for the year while sales were up 9% to 2.4m.
Revenue was $72bn for the year, up 10%, due mainly to an increase in vehicle shipments. Q4 revenue was $21bn.
“The 2013 year-end financial results reflect the commitment Chrysler Group has made to rapidly refresh our product lineup with vehicles that achieve exacting performance standards,” Chrysler Group chairman and CEO Sergio Marchionne said in a statement.
International vehicle sales (outside North America) rose 12% in 2013 to 309,000, including 56,000 vehicles manufactured by Chrysler Group for sale by Fiat.
2014 guidance
The full year 2014 targets are:
- Worldwide vehicle shipments of 2.8m
- Net revenue of $80bn
- Modified operating profit of $3.7-$4bn
- Net income of $2.3-$2.5bn
