Chrysler today affirmed its goal of posting a modest operating profit in 2010, but also noted that based on Q1 performance, the automaker will likely exceed its expectations for the year.
“It was, from our standpoint, an incredibly good quarter,” said Chrysler CEO Sergio Marchionne during a conference call. “We”ve proved, at least in terms of posting an operating profit, that we”ve got the operating cost structure of this business under control.”
Marchionne has said of Chrysler’s performance that it could indicate an IPO being issued sooner than expected. The exact timing of such a situation would depend on improvement in Chrysler’s performance, and how the market would support it. The CEO also said that although he believes the company will beat previous expectations for 2010, it will wait until the second quarter before revising its estimates.
The automaker has been planning for some time to revamp several of its vehicles this year, including the Jeep Wrangler, Jeep Patriot, Chrysler 300, and Dodge Journey. It has also moved up introduction of a Fiat-designed vehicle to Q4 2011.
– By: Stephen Calogera