DETROIT -- Chrysler Group today reported net income rose 32 percent in the third quarter from a year earlier to $611 million as strong sales of its Jeep and Ram lines bolstered profits.
Chrysler gained 1.1 percentage points of market share in the United States over the same period a year ago to 12.3 percent on sales of 1,556,059 vehicles.
The financial numbers reported today are for Chrysler Group, the wholly-owned subsidiary of Fiat Chrysler Automobiles. They differ from those reported by FCA last week in part because they are compiled under U.S. accounting rules instead of those used by its European holding company.
Last week, FCA reported a 7 percent rise in third-quarter operating profit to 926 million euros ($1.15 billion) on revenues up 14 percent at 23.6 billion euros ($29.5 billion).
The automaker’s U.S. sales were up 15 percent during the first nine months of 2014 as a 30 percent gain in pickup and SUV sales offset a 17 percent decline in car sales. During that period, Jeep sales in the U.S. were up 45 percent and Ram sales climbed 25 percent over the same period in 2013.
Globally, Chrysler said it delivered just over 700,000 vehicles in the quarter, including vehicles it makes for other automakers, such as parent company FCA.
Third-quarter revenues grew 18 percent to $20.66 billion.
The company reported cash of $13.58 billion, up from the $11.49 billion one year ago. Chrysler said it had a gross industrial debt of $12.9 billion, up from the $12.4 billion it had at the same point in 2013.
On a conference call with analysts today, CFO Richard Palmer said Chrysler had incurred $200 million in added recall costs so far this year, and another $100 million in added warranty costs. Those payouts dinged Chrysler’s profitability.
Palmer also noted that Chrysler continues to trail both Ford Motor Co. and General Motors in terms of operating margin. He attributed some of the difference to incentive costs, especially in car segments where Chrysler has not traditionally been strongly represented.
But he said margins also trailed Ford in their relative truck offerings in part because of Ford’s richer mix of more expensive high-end pickups.
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