DETROIT -- Chrysler Group reported a loss of $690 million in the first quarter as $1.2 billion in charges from its completed acquisition by Fiat S.p.A. offset strong sales.
Without two unusual charges associated with the acquisition, the automaker said it would have earned $486 million in adjusted net income. It earned $166 million during the same quarter of 2013.
Chrysler said it took a $504 million loss on elimination of debt related to the prepayment of its note with the UAW retiree health care trust. It also took a $672 million charge for commitments it made in the New Year's Day transaction that allowed Fiat to purchase the UAW Voluntary Employees' Beneficiary Association's remaining shares of Chrysler.
It was the automaker's first quarterly loss since the second quarter of 2011.
First-quarter revenues grew 23 percent to $19 billion. Chrysler had the largest U.S. market share gain of any major automaker during the first quarter. It added 1.1 percentage points over the same period a year ago to 12.7 percent on U.S. sales of 476,000 vehicles.
Globally, Chrysler said it delivered 668,000 vehicles in the quarter, including vehicles it makes for other automakers, such as Fiat.
The company reported $12.4 billion in cash on hand, up from $11.9 billion a year ago. Chrysler said it had gross industrial debt of $12.9 billion, up from the $12.5 billion it had at the same point in 2013.