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