Chrysler 3Q Better Than Expected
Auburn Hills, MI, United States (AHN) – Chrysler reported a smaller-than-expected loss on Monday for the third quarter. The automaker raised its forecast for the full year.
Net loss for the period ended Sept. 30 was $84 million, less than half the $172 million in the same quarter a year ago. The loss, the smallest in three months since the Michigan-based company came out of bankruptcy in June 2009, was fueled by a spike in operating profit.
Operating profit was $239 million, up $56 million from the previous quarter.
Sales increased 5 percent from the second quarter to $11 billion. Worldwide, sales dropped 1 percent to 401,000 vehicles despite gains by brands such as Jeep and Dodge.
U.S. sales rose 9.6 percent, up from 9.4 percent in the previous quarter and 8 percent during the same period last year. The increase is the fifth consecutive quarterly improvement since Chrysler’s restructuring last year, which was achieved with $6.6 billion in federal aid money and resulted in Fiat gaining control of the company.
Chrysler revised its full-year outlook and said it expects an operating profit of $700 million instead of its previously forecast range of breakeven to $200 million. Free cash flow is estimated to be $500 million, up from an expected loss of $1 billion.
“A year ago, Chrysler Group laid out clear and concise five year financial goals and after three consecutive quarters of better than forecasted results, we are not only living up to our commitments but we are also exceeding our 2010 financial objectives,” chief executive Sergio Marchionne said in a statement.
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