Chrysler Group first quarter 2012 net income more than quadrupled to $473-million

Chrysler Group LLC reported preliminary net income of $473-million for the first quarter of 2012, up more than 300 per cent from $116-million a year ago, driven primarily by its 40 per cent increase in US retail sales.

“Another positive quarter – built on sales gains
that have surpassed the industry average – is affirmation that the Chrysler team is maintaining its focus,” said Sergio Marchionne, Chairman and Chief Executive Officer of Chrysler Group LLC. “We continue to deliver on the targets in our five-year plan and are now focused on successfully launching the Dodge Dart, a car that is a true melding of Chrysler’s and Fiat’s engineering and styling strengths.”

Revenue for the quarter was $16.4-billion, up 25 per cent from $13.1-billion in the first quarter of 2011, driven by a 25 per cent period-over-period increase in shipments and positive pricing.

The company reported a modified operating profit of $740-million, or 4.5 per cent of revenue, in the first quarter, up 55 per cent from the $477-million reported in the prior year. The increase was attributable to strong volume and pricing, partially offset by unfavorable mix, higher industrial costs, including new vehicle content enhancements and engineering, research and development for new models, and continued marketing efforts.

Posted in: CEO,Chairman,Chrysler Group LLC,First Quarter,Five-Year Plan,Growth,International,Modified Operating Profit,Retail Sales,Sale Report,Sales,Sergio Marchionne