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1:09 pm
Mon July 30, 2012

Chrysler's second quarter profit up from last year

Chrysler continues to mend.

The company's revenues increased 23 percent in the second quarter of 2012.

The company said its net income rose from $181 million to $436 million.

Last year, Chrysler's profit took a hit because the company had to pay a $551 million dollar charge to pay off its government loans early.

The good Chrysler news is expected to be followed on Tuesday by much worse news from the company's majority owner, Fiat.

Plummeting auto sales in Europe are causing a lot of pain at automakers that have large operations in the region, like Fiat.

Ford lost more than $400 million dollars in Europe in the second quarter, and warns it may lose a billion dollars there for the full year.

General Motors hasn't announced its second quarter earnings yet, but it's widely expected to post a big loss in Europe.

Fiat and Chrysler CEO Sergio Marchionne recently said he doesn't see the situation in Europe improving much for the next two years.

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