Chrysler, left for dead as its entered Chapter 11 in 2008, made $183 million last year as it sold 2 million vehicles. The news is a victory for the head of Fiat Sergio Marchionne. Chrysler is doing so well that it may become more successful than Fiat, which has had problems in Europe.
The company reported
Chrysler Group’s Full Year 2011 Modified Operating Profit More Than Doubled to $2 Billion With Free Cash Flow of $1.9 Billion
Chrysler Group full year 2011 net income improved to $183 million from a net loss of $652 million in 2010 and despite a $551 million loss on extinguishment of debt in Q2 2011; fourth quarter net income was $225 million, the highest quarterly net income since the Company began operations in 2009
Net revenue for the year was $55.0 billion, up 31 percent from a year ago; fourth quarter net revenue increased 41 percent to $15.1 billion
Modified Operating Profit(b) grew to $2.0 billion for the year, 2.5 times higher than 2010, and $508 million in the fourth quarter
Free Cash Flow(e) for full year 2011 totaled $1.9 billion driving Cash(d) at year end 2011 to $9.6 billion compared with $7.3 billion a year ago
Worldwide vehicle shipments were 2.0 million for full year 2011, up from 1.6 million a year ago
Chrysler Group achieved its third and final performance event in January 2012 by committing to produce its new fuel-efficient vehicle, increasing Fiat S.p.A.’s ownership interest to 58.5 percent
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