Chrysler posts $183 million Q2 operating profit, net loss down to $172 million
Chrysler Group LLC announced today that it achieved a positive operation profit of $182 million in the second quarter of 2010 and a positive cash flow of $474 million. Overall, the Auburn Hills automaker posted a net loss of $172 million, down from $197 million in the first three months of the year.
“The second quarter operating profit confirms that Chrysler Group is on track to achieve its goals, yet an extraordinary amount of work still lies ahead,” said Sergio Marchionne, Chief Executive Officer of Chrysler Group LLC. “Customer traffic in our dealerships and confidence in the Company’s future continued to grow with the launch of the all-new 2011 Jeep Grand Cherokee, one of the signature vehicles for Chrysler Group. The Grand Cherokee sets the standard for this Company to produce high quality, technologically advanced vehicles.”
Revenue was up 8.2 percent to $10.5 billion, bringing Chrysler’s 6 month total to $20.2 billion.
Marchionne pointed out that “2010 is seen as a year of transition and stabilization.” He said that “with most of our 16 all-new or refreshed products launching later this year, including the all-new Chrysler 300, Dodge Charger, Dodge CUV, the iconic Fiat 500 and the Chrysler Sebring replacement, Chrysler Group must continue to be rigorous, disciplined and focused on the task at hand.”
– By: Omar Rana