Chrysler Group LLC reported a net profit of almost $1.7 billion for 2012 Wednesday and fourth-quarter earnings of $378 million.
That was an eightfold improvement over the $183 million the company earned in 2011 and offered further proof of the automaker's turnaround. But CEO Sergio Marchionne stressed that Chrysler's recovery is still a work in progress.
"While we are pleased to have achieved strong financial results in 2012, the enterprise we are crafting is not complete," he said in a statement.
"The goals we've set for the year ahead reflect a common desire by everyone from leadership to the shop floor to succeed and sustain the power of the house we are building," Marchionne continued. "Our aim is meaningful, but it is not complicated, and only a preoccupation with quality can achieve it.
"We pause for a moment to enjoy our accomplishments, but we will not stop. Our continued achievement relies upon maintaining a humble spirit and an intense focus on the integrity of our work. And so we press on."
Last year was an epic year for Chrysler, which posted quarter after quarter of solid profits and market share gains less than three years after emerging from bankruptcy. But 2012 was a hard year for Fiat, which struggled as European automobile sales continued to decline in the face of an ongoing regional economic crisis.
When Fiat took over Chrysler as part of a 2009 bailout agreement brokered by the Obama administration, many analysts on both sides of the Atlantic worried the Auburn Hills automaker would drag the Italian manufacturer down with it. Instead, Chrysler has become Fiat's salvation, its growing profits offsetting Fiat's mounting losses.
"Chrysler concluded a very successful 2012 with a robust fourth-quarter performance," said analyst Jesse Toprak of TrueCar.com in a report released Tuesday.
From The Detroit News:
http://www.detroitnews.com/article/20130130/AUTO0101/301300364#ixzz2JSeggKyv
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