Chrysler Group First-quarter 2012 Net Income More Than Quadrupled to $473 Million
Chrysler Group LLC today reported preliminary net income of $473 million for the first quarter of 2012, up more than 300 percent from $116 million a year ago, driven primarily by its 40 percent increase in U.S. retail sales.
Revenue for the quarter was $16.4 billion, up 25 percent from $13.1 billion in the first quarter of 2011, driven by a 25 percent period-over-period increase in shipments and positive pricing.
Chrysler Group First-quarter Modified Operating Profit Increased 55 Percent to $740 Million With Free Cash Flow of $1.7 Billion
– Chrysler Group net income in the first quarter of 2012 more than quadrupled to $473 million
– Net revenue for the quarter was $16.4 billion, up 25 percent from $13.1 billion a year ago
– Modified Operating Profit(a) grew to $740 million for the first quarter, 55 percent higher than a year earlier
– Free Cash Flow(d) for the first quarter totaled $1.7 billion; Cash(c) ended the quarter at $11.3 billion compared with $9.9 billion a year ago and $9.6 billion at Dec. 31, 2011
– Net Industrial Debt(e) was reduced to $1.3 billion at March 31, 2012, from $3.4 billion a year ago and $2.9 billion at Dec. 31, 2011
– Worldwide vehicle shipments were 607,000 in the quarter, up 25 percent from 485,000 a year ago
– Worldwide vehicle sales for the first quarter totaled 523,000, up 33 percent from a year ago
– U.S. market share increased to 11.2 percent for the first quarter, up from 9.2 percent a year ago, driven primarily by a 40 percent increase in U.S. retail sales. – – For the first time in its history, Chrysler was the quarterly market leader in Canada with a share of 15.0 percent
– Chrysler Group achieved its third and final Class B performance event in January 2012 by committing to produce the fuel-efficient Dodge Dart, increasing Fiat S.p.A.’s ownership interest to 58.5 percent
The Company reported a Modified Operating Profit of $740 million, or 4.5 percent of revenue, in the first quarter, up 55 percent 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.
“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.
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.