Chrysler reports profits for second consecutive quarter
On the heels of the approval of a four-year contract with the United Auto Workers comes news of a 3rd quarter profit from Chrysler.
The company reported a profit of $212 million for the 3rd quarter (July, August, and September). The company had reported a second quarter profit earlier this year ($181 million for the months of April, May, June).
From Chrysler's press release:
Chrysler Group LLC today reported preliminary net income of $212 million for the third quarter, compared with a net loss of $84 million a year ago, as the Company continues to increase sales and benefit from its alliance with Fiat S.p.A.
In the third quarter of 2011, net revenue was $13.1 billion, a 19 percent increase from the third quarter of 2010, driven by increased demand for Chrysler Group’s 16 all-new or significantly refreshed cars and trucks.
Chrysler CEO Sergio Marchionne said these profits show the company is back on track:
"In the third quarter, Chrysler Group achieved increased sales and positive financial results, totally in line with the plan we laid out in November 2009. And in October, together with the United Auto Workers, we crafted a solid four-year contract that will support us in our growth plans and significantly reward our employees for their contribution to the revival of Chrysler," said Marchionne.
The Detroit Free Press reports the company "predicted it would make between $200 million and $500 million this year."