It's so good to see Chrysler rockin it :rock:
Here's the official press release that I got...
Chrysler profit jumps on higher sales
DETROIT (AP) — Just three years out of bankruptcy, Chrysler posted a $1.7 billion profit in 2012 and said it expects to earn more than $2 billion this year.
Improving U.S. auto sales — and better products at Chrysler — were the big reasons for the vast improvement over 2011's profit of $183 million. Chrysler sold 2.2 million cars and trucks worldwide last year, up 18 percent.
In the U.S., its largest market, Chrysler's sales rose 21 percent. Chrysler saw strong sales of the Chrysler 200 and 300 sedans, the Jeep Grand Cherokee and the Ram pickup. The Fiat 500 also sold well last year.
The results mark another step in Chrysler's remarkable turnaround. The company filed for bankruptcy during the recession in 2009 and needed a $12.5 billion loan from taxpayers to survive. Chrysler has repaid $11.2 billion, but the U.S. Treasury Department says it won't recover the remaining $1.3 billion. The profit In 2011 was Chrysler's first annual profit since 1997.
Revenue increased 20 percent to $65.8 billion.
The No. 3 U.S. automaker expects net income to rise to around $2.2 billion this year on revenue of between $72 billion and $75 billion. It says worldwide vehicle shipments should reach 2.6 million to 2.7 million, up from 2.4 million last year.
Chrysler's report comes a day after Ford Motor Co. — No. 2 in the U.S. — said it expects to see strong results again this year in North America, but warned of widening losses in Europe. General Motors Co. reports 2012 results on Feb. 14.
Chrysler is now majority owned by Italian automaker Fiat SpA. Sergio Marchionne, CEO of both companies, told the company's 63,643 workers in an email that they would get performance bonus payments, although the amounts were not specified.
"The credit for our turnaround is yours," he told the workers, including 43,000 in the U.S. "There can be no more doubt that our comeback is real. Your phenomenal efforts have put us on a road with an endless horizon in front of us."
In slides posted on its website, Chrysler said it plans to roll out several new and updated vehicles this year and beyond:
— A new small crossover SUV this year to replace the aging Jeep Liberty. Updates to the Grand Cherokee large SUV and the Compass small SUV.
— A new Ram commercial van will debut this year, as well as updated heavy-duty Ram pickup.
— An unspecified new Alfa Romeo vehicle for North America this year.
— A new version of the Chrysler 200 midsize sedan, to debut in 2014.
— The previously announced long version of the Fiat 500 mini-car. No more new products until 2015, when the brand gets up to six new models.
Marchionne also said a new minivan is coming in 2015, but it and other new products have been delayed by a lack of money. "We could have moved on the minivan faster if we had unrestricted access to cash," he said. Chrysler says it spent $4 billion on capital expenditures last year, and it plans to hold that about steady in 2013.
He also said he wants Fiat to fully own Chrysler "as soon as I can afford it." Fiat now owns 58.5 percent of Chrysler, with the rest owned by a health care trust for retired union workers. The trust has asked Chrysler to start the process of a public stock offering so it can sell its shares. Chrysler says the process will take eight to nine months.
"I don't see the future of Fiat and Chrysler as being separate, "Marchionne said. "I see them as one entity at some point in time."
http://news.yahoo.com/chrysler-profit-jumps-higher-sales-122923957--finance.html
Here's the official press release that I got...
Chrysler Group Reports Full-year 2012 Net Income of $1.7 Billion
Full-year Modified Operating Profit Totaled $2.9 Billion, Up 47 Percent, and Free Cash Flow Was $2.2 Billion
Chrysler Group LLC’s full-year 2012 net income improved more than eight-fold to $1.7 billion, from $183 million a year ago
Net revenue for the year was $65.8 billion, up 20 percent from $55.0 billion a year ago; fourth-quarter revenue was up 13 percent to $17.2 billion
Modified Operating Profit(b) improved to $2.9 billion for the year, up 47 percent from the prior year; fourth-quarter Modified Operating Profit was up 40 percent to $711 million
Cash(d) at year’s end was $11.6 billion compared with $9.6 billion a year ago and $11.9 billion at Sept. 30, 2012; Free Cash Flow(e) for the year was $2.2 billion compared with $1.9 billion a year ago
Net Industrial Debt(f) was $1.0 billion at Dec. 31, 2012, an improvement of $1.9 billion from a year ! ago
Worldwide vehicle shipments were 2.4 million for the year, up 20 percent from 2.0 million a year ago; fourth-quarter shipments were 613,000
Worldwide vehicle sales for the full year 2012 totaled 2.2 million, up 18 percent from a year ago; fourth-quarter sales were 533,000
January 30, 2013 , Auburn Hills, Mich. - Chrysler Group LLC today reported preliminary net income of $1.7 billion for the full year 2012, up from net income of $183 million a year ago, exceeding the guidance provided earlier in the year. Full-year 2011 Adjusted Net Income(a) was $734 million, after adjusting for the $551 million loss on extinguishment of debt recognized in the second quarter of 2011.
“While we are pleased to have achieved strong financial results in 2012, the enterprise we are crafting is not complete,” Chrysler Group LLC Chairman and CEO Sergio Marchionne said. “The goals we’ve set for the year ahead reflect a common desire by everyone from ! leadership to the shop floor to succeed and sustain the power of the house we are building. Our aim is meaningful, but it is not complicated, and only a preoccupation with quality can achieve it. We pause for a moment to enjoy our accomplishments, but we will not stop. Our continued achievement relies upon maintaining a humble spirit and an intense focus on the integrity of our work. And so we press on.”
For the fourth quarter, net income was $378 million on revenue of $17.2 billion, up 68 percent from $225 million a year earlier. For the year, the Company reported revenue of $65.8 billion, an increase of 20 percent from a year ago, primarily due to higher vehicle shipments.
Modified Operating Profit was $2.9 billion for the year, or 4.4 percent of revenue, up 47 percent from $2.0 billion reported in the prior year. The increase resulted from continuing strong sales and pricing, partially offset by an increase in the proportion of sales from passenger cars, including the Dodge Dart and Fiat 500, versus trucks and SUVs; increase! d research-and-development costs for future models; and increased spending on advertising. Modified Operating Profit for the quarter was $711 million, a 40 percent increase from the same period last year.
Modified EBITDA(c) was $5.5 billion for the year, or 8.3 percent of net revenue, an increase of 15 percent from the prior year. For the fourth quarter, Modified EBITDA was $1.3 billion.
http://www.media.chrysler.com/newsr...5229CD7839B4CE1585D39C2E738AB?&id=13781&mid=2
