Chrysler Q4 profits jump 68% to $378 million
DETROIT -- Chrysler Group reported net income of $378 million in the fourth quarter as a yearlong string of U.S. sales gains led the automaker to its second consecutive annual profit.
The fourth-quarter profit was up 68 percent from the $225 million profit it posted during the same quarter of 2011, Chrysler said in a report today.
For all of 2012, Chrysler earned $1.7 billion, nine times the company's $183 million profit for 2011, when it repaid the U.S. government loans from its 2009 bankruptcy.
Chrysler was the only domestic automaker to gain market share in the United States in 2012, moving up to 11.4 percent on U.S. sales of 1.65 million vehicles. The automaker's U.S. sales rose 21 percent last year, primarily on the strength of its car lineup. The overall U.S. market gained 13 percent.
Globally, Chrysler said it delivered just over 2.4 million vehicles in 2012, including vehicles it makes for other automakers, such as parent company Fiat SpA. Chrysler said it had sales of 613,000 units during the fourth quarter, up 13 percent from the same period a year ago.
Fourth-quarter revenues grew 13 percent to $17.2 billion. Revenues for 2012 were $65.8 billion, up 20 percent from 2011.
The company reported cash of $11.6 billion, up from $9.6 billion one year ago, and said it had a gross industrial debt of $12.6 billion at the end of 2012, up from $12.5 billion at the same point in 2011.
“While we are pleased to have achieved strong financial results in 2012, the enterprise we are crafting is not complete,” Chrysler CEO Sergio Marchionne said in a statement. “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.”
The company said it had worldwide vehicle sales of 2.2 million, up 18 percent from 2011. For the quarter, Chrysler said it had global vehicle sales of 533,000, up from 479,000 during the same quarter a year ago. Sales outside North America climbed 41 percent for the year to 277,000 vehicles, including 67,000 vehicles built by Chrysler but sold as Fiat or Lancia branded vehicles overseas.
For 2013, Chrysler forecasts continued growth in net income to about $2.2 billion, a revenue rise to between $72 billion and $75 billion, and a rise in worldwide shipments to about 2.65 million.
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