Chrysler Posts First Profit After Bankruptcy

[William Maley]

Chrysler Posts First Profit After Bankruptcy

William Maley - Editor/Reporter - CheersandGears.com

May 2, 2011

Chrysler has announced a $116 million profit for the first quarter of 2011, their first profit since exiting bankruptcy in 2010. Sales in the first quarter rose 18% to 394,000 vehicles sold. First quarter revenues rose to $13.1 billion, a increase of 35% compared to the first quarter last year. Chrysler attributes their revenue increase to their lineup which includes 16 new and refreshed vehicles they have brought out.

“Chrysler Group’s improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers. These results are a testament to the hard work and dedication of our employees, suppliers and dealers, all of whom are helping Chrysler create a new corporate culture built on the quality of our products and processes, and simple, sound management principles," said Sergio Marchionne, CEO of Chrysler Group LLC.

Press Release is Below

Chrysler Group LLC Achieved Net Income of $116 Million in First Quarter 2011; First Quarterly Net Income Since Company Began Operations in June 2009

• Net Income totaled $116 million in Q1 2011 compared to a net loss of $197 million in Q1 2010
  
• Modified Operating Profit totaled $477 million in Q1 2011, up from $143 million in Q1 2010
  
• Net Revenues in Q1 2011 were $13.1 billion, up 35 percent from $9.7 billion in Q1 2010
  
• Cash at March 31, 2011, was $9.9 billion, up $2.5 billion from December 31, 2010
  

Auburn Hills, Mich. , May 2, 2011 - Chrysler Group LLC today announced its preliminary financial results for the first quarter (Q1) 2011, reporting that it achieved its first quarterly net income since the Company began operations in June 2009.

Net Income in Q1 2011 was $116 million compared to a net loss of $197 million in Q1 2010.

“Chrysler Group’s improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers,” said Sergio Marchionne, Chief Executive Officer, Chrysler Group LLC. “These results are a testament to the hard work and dedication of our employees, suppliers and dealers, all of whom are helping Chrysler create a new corporate culture built on the quality of our products and processes, and simple, sound management principles.

“We remain focused on delivering great products to our customers and continuing to achieve the sales and financial targets outlined in our 2010-2014 business plan,” added Marchionne.

[Drew Dowdell]

Momentum momentum momentum

[daves87rs]

Good thing good thing

[Potluck]

Right direction and they've fixed half of their lineup..... now about that other half.

[David]

I wonder how many Accounting games they played to turn this profit? While I think they have gotten product going in the right direction, I do wonder if this is really a true profit or a smoke screen game played with the buckets.

[Drew Dowdell]

Well their sales have been pretty good.