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Chrysler posts profit
Thu October 27, 2011
Chrysler makes $212 million profit
Chrysler made a profit in the third quarter of this year.
The news comes a day after Chrysler workers narrowly approved a new four-year contract.
The $212 million profit is small compared to Detroit rival Ford, which made $1.6 billion in the same period.
But it’s the second quarterly profit this year for Chrysler, and a sign that its recovery from the 2009 bankruptcy is gathering some steam.
In fact, Chrysler would have made a profit last quarter too, were it not for one-time costs associated with paying off its federal loans.
Chrysler CEO Sergio Marchionne said the just-ratified contract with the UAW will support the company in its growth plans.
The contract includes a much smaller signing bonus than the one Ford union members will get.
That was likely one of the main reasons the contract was so narrowly approved.