Chrysler Reports Profit Jump
Chrysler Group LLC reported today that the company's net income for the third-quarter totaled $381 million, up 80% from $212 million in the same period a year ago. Net revenue totaled $15.5 billion, up 18% from $13.1 billion in the third quarter of 2012. Chrysler is majority-owned by Italy's Fiat SpA.
Chrysler's CEO said:
We continue to work feverishly and are pleased to see that our all-consuming aspiration for excellence is translating into results. We are confirming guidance for the year, and expect Free Cash Flow to be well in excess of $1 billion.
In its announcement, Chrysler said the company sold 559,000 units worldwide in the third quarter, up 12% from the third quarter of last year.
Chrysler also noted a market share gain to 11.3%, up 16% from a year ago. Neither Ford Motor Co. (NYSE: F) nor General Motors Co. (NYSE: GM) can claim a market share increase this year. Chrysler's U.S. market share is expected to climb to 13% this year, from 8.9% in 2011.
The company is scheduled to announce an update to its sales and forecasts for Fiat tomorrow.
Filed under: 24/7 Wall St. Wire, Autos, Earnings Tagged: F, GM