Filed under: Chrysler, Earnings/Financials
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Chrysler Group had nothing but good news to share this morning as it has reported its financial results for the first quarter of 2012. The headline-hogging number is that the automaker’s first quarter profit quadrupled from $116 million a year ago to $473 million this year. All that was on the back of U.S. sales that increased 39 percent year-over-year. The rise in sales also resulted in Chrysler Group increasing its market share in the U.S. from 9.2 to 11.2 percent.
With such an impressive first quarter, Chrysler is targeting an equally impressive year. Its forecast for profit in 2012 has been set at $1.5 billion, while last year it earned just $183 million.
Here are the rest of Chrysler’s first quarter financial highlights:
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Net revenue for the quarter was $16.4 billion, up 25 percent from $13.1 billion last year -
Has $1.3 billion in free cash flow, ended the quarter with $11.3 billion in cash, up from $9.9 billion last year -
Net industrial debt was reduced to $1.3 billion from $3.4 billion last year -
Worldwide vehicle shipments for the quarter were 607,000, up 25 percent from 485,000 last year -
Fleet sales were 31% of total sales, flat versus Q1 2011 -
Highest Canadian market share of 15 percent, first time ever -
International sales of Chrysler Group vehicles rose 80 percent to 67k
Continue reading Chrysler Group reports quadrupled Q1 profits on U.S. sales increase
Chrysler Group reports quadrupled Q1 profits on U.S. sales increase originally appeared on Autoblog on Thu, 26 Apr 2012 10:03:00 EST. Please see our terms for use of feeds.
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