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Wednesday, 21 April 2010 12:49

Chrysler Reports Profit of $143M in First Quarter

Chrysler Group issued its financial results on April 21 for first quarter (Q1) 2010.

In Q1 2010, Chrysler Net Revenues increased to $9,687 million representing a 3 percent increase over the prior quarter. Chrysler ended Q1 2010 with an Operating Profit of $143 million.

“This positive operating result in the first quarter is a concrete indication to our customers, dealers and suppliers that the 2010 targets we have set for ourselves are achievable. We are also generating cash to finance the investments being made in our product portfolio and brand repositioning,” said Sergio Marchionne, Chief Executive Officer, Chrysler Group.

  • Net Revenues in Q1 2010 increased to $9,687 million, up from $9,434 million in
    Q4 2009.
  • Operating Profit(a) came in at $143 million, as trading margins turned positive and
    continued to improve.
  • Modified EBITDA(b) was $787 million, or 8.1 percent of Net Revenues.
  • Net Loss significantly declined in Q1 2010 to $197 million due to improved operating
    performance.
  • Cash(c) at March 31, 2010 strengthened to $7,367 million due to strong cash flow of
    $1,490 million in the quarter, bringing total available liquidity to $9.8 billion.
  • Market share improved to 9.1 percent in the U.S., from 8.1 percent in Q4 2009, and to
    13.7 percent in Canada from 11.6 percent in Q4 2009.
  • The Company confirms its targets for the year, including a minimum of operating
    break-even in 2010.
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