Chrysler reports first quarterly profit since emerging from bankruptcy

Chrysler Group CEO Sergio Marchionne
Chrysler Group CEO Sergio Marchionne

Chrysler Group LLC reported its first quarterly net profit since coming out from bankruptcy nearly two years ago. The Auburn Hills automaker said that net income in Q1 2011 was $116 million compared to a net loss of $197 million in Q1 2010. Net revenues in Q1 2011 were $13.1 billion, up 35 percent from $9.7 billion in Q1 2010, while cash at March 31, 2011, was $9.9 billion, up $2.5 billion from December 31, 2010

“Chrysler Group’s improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers,” said Sergio Marchionne, Chief Executive Officer, Chrysler Group LLC. “These results are a testament to the hard work and dedication of our employees, suppliers and dealers, all of whom are helping Chrysler create a new corporate culture built on the quality of our products and processes, and simple, sound management principles.

“Success is incredibly temporary,” Marchionne told analysts and reporters on a conference call. “The first quarter is done. We’ve got a lot of quarters to do.”

“We remain focused on delivering great products to our customers and continuing to achieve the sales and financial targets outlined in our 2010-2014 business plan,” added Marchionne.

– By: Omar Rana

Source: Chrysler, MSNBC