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US: Chrysler unveils Q3 operating profit, issues upbeat forecast

By just-auto.com editorial team | 8 November 2010

Chrysler Group has issued its financial results for the third quarter 2010 showing an operating profit of US$239m and revised upwards its full year 2010 guidance based on operating performance improvements.

The figures show net revenues rising to US$11bn, while full year guidance is now expected to show an operating profit of US$0.7bn, up from a previous figure estimated to be between zero and US$0.2bn.

"A year ago, Chrysler Group laid out clear and concise five-year financial goals and after three consecutive quarters of better than forecast results, we are not only living up to our commitments but we are also exceeding our 2010 financial objectives," said Chrysler Group CEO Sergio Marchionne.

"Chrysler's financial success is dependent upon the vehicles we design, build and sell. In a mere 16 months, the company is delivering 16 all-new or refreshed products led by the 2011 Jeep Grand Cherokee and including the Fiat 500, signalling the return of the Fiat brand to the US and Canada.

"We are committed to ensuring every new vehicle this company launches has the same high quality and technological advances as the Jeep Grand Cherokee. Our 2010 accomplishments are just the beginning of building Chrysler Group into a vibrant and competitive auto maker."

Just last week Chrysler reported October sales up 42.1% led by a huge 305.2% jump in sales of the Grand Cherokee.

Please click here for the full press release.