Third-Quarter Modified Operating Profit Increased 46 Percent to $705 Million
AUBURN HILLS, Mich.—(ENEWSPF)–October 29, 2012 – Chrysler Group LLC today reported preliminary third-quarter financial results, including net income of $381 million, an increase of 80 percent from the same quarter a year ago, reflecting continued sales increases for the product lineup in total, including sales of the all-new Dodge Dart. For the first nine months of the year, net income totaled $1.3 billion.
“We’ve changed the conversation at Chrysler Group,” said SergioMarchionne, Chrysler Group LLC Chairman and Chief Executive Officer. “We have revamped our product lineup with such segment-defining models as the Jeep Grand Cherokee and the Chrysler 300. Critics and consumers already are responding positively to the Dodge Dart and to the 2013 Ram 1500, with its best-in-class fuel economy. 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.”
Net revenue for the quarter was $15.5 billion, up 18 percent from $13.1 billion in the third quarter of 2011, primarily driven by a 19 percent period-over-period increase in shipments. For the first nine months of the year, the Company recorded net revenue of $48.6 billion, a 22 percent increase from the same period a year ago.
- Chrysler Group LLC’s third-quarter net income was $381 million, up 80 percent from $212 million a year ago
- Net revenue for the quarter was $15.5 billion, up 18 percent from $13.1 billion a year ago
- Modified Operating Profit(b) grew to $706 million in the quarter, up 46 percent from a year earlier
- Cash(d) at quarter-end was $11.9 billion compared with $9.5 billion a year ago and $12.1 billion at June 30, 2012; Free Cash Flow(e) for the quarter was a negative $65 million compared with a negative $699 million a year ago
- Net Industrial Debt(f) was $693 million at Sept. 30, 2012, an improvement of $2.2 billion from a year ago
- Worldwide vehicle shipments were 559,000 in the quarter, up 19 percent from 469,000 a year ago
- Worldwide vehicle sales for the third quarter totaled 556,000, up 12 percent from a year ago
- U.S. market share was 11.3 percent for the third quarter, which included a 16 percent increase in U.S. retail sales; market share in Canada was 14.3 percent
- Production of the all-new, fuel-efficient 2013 Dodge Dart is steadily ramping up, and the new 2013 Ram 1500, with best-in-class fuel economy, is accumulating positive reviews and is included on the list for North American Truck of the Year.
To read the today’s entire announcement, see: www.chryslergroupllc.com/Investor/PressReleases/financial/ChryslerDocuments/Q3_2012_PressRelease.pdf