Net revenue for January, February and March was up 25 percent to $16.4 billion as Chrysler's global sales increased 33 percent to 523,000 units and it gained two whole points of share in the critical U.S. market.
"Another positive quarter — built on sales gains that have surpassed the industry average — is affirmation that the Chrysler team is maintaining its focus," said Fiat-Chrysler CEO Sergio Marchionne. "We continue to deliver on the targets in our five‐year plan and are now focused on successfully launching the Dodge Dart, a car that is a true melding of Chrysler's and Fiat's engineering and styling strengths."
Fiat took over bankrupt Chrysler in 2009 as part of a bailout deal put together by the U.S. government. Since then, Chrysler has paid its loans from the U.S. taxpayers and bought out Uncle Sam. It fulfilled the last piece of that agreement in January when it announced plans to produce the economical compact in Illinois.
On Thursday, Chrysler reported free cash flow of $1.7 billion for the first quarter and said it reduced its net industrial debt to $1.3 billion from $3.4 billion at the end of the first quarter of 2011. As of March 31, the automaker had $11.3 billion in cash, up from $9.6 billion at the end of December 2011.
Chrysler said it plans to ship between 2.3 million and 2.4 million cars and trucks in 2012 and now estimates full-year net revenue of approximately $65 billion. The automaker said Thursday that it is on track to earn about $1.5 billion this year.
The company is scheduled to provide more details of its first quarter earnings during a conference call later this morning.
BY BRYCE G. HOFFMAN THE DETROIT NEWS
Visit the Happy Car Salesman, Ed Dancel at Southfield Dodge Chrysler Jeep Ram.
Southfield Chrysler
28100 Telegraph Rd
Southfield, MI 48034
248-354-2950
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