Second Quarter: Net Revenues increased 30 percent - Dodge Nitro Forum
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post #1 of 1 (permalink) Old 07-26-2011, 08:10 AM Thread Starter
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Second Quarter: Net Revenues increased 30 percent

Chrysler Group LLC Achieved Modified Operating Profit of $507 Million in Second Quarter 2011, Up 177 Percent from Q2 2010; Fully Repaid Government Loans Six Years Ahead of Schedule

Net Revenues in Q2 2011 were $13.7 billion, up 30 percent from $10.5 billion in Q2 2010

Net Loss reported for Q2 2011 totaled $370 million compared to a Net Loss of $172 million in Q2 2010; excluding a non-recurring $551 million charge on the extinguishment of debt, Adjusted Net Income in Q2 2011 totaled $181 million

Modified Operating Profit increased to $507 million in Q2 2011 (3.7 percent of Net Revenues), from $183 million in Q2 2010

Cash at June 30, 2011, was $10.2 billion, up $0.3 billion from March 31, 2011

Auburn Hills, Mich. , Jul 26, 2011 - Chrysler Group LLC today announced its preliminary financial results for the second quarter (Q2) 2011, demonstrating continued improvement in its operating and financial performance.

In Q2 2011, Net Revenues increased 30 percent to $13.7 billion compared to Q2 2010. The increase was primarily due to increased volumes and positive pricing and mix attributable to the 16 all-new or significantly refreshed products in the marketplace. First half (H1) 2011 Net Revenues totaled $26.8 billion, up 33 percent from H1 2010.

“There is no doubt that Chrysler Group has taken a huge step forward this quarter,” said Sergio Marchionne, Chief Executive Officer, Chrysler Group LLC. “Refinancing our debt and repaying our government loans six years early, reinforces our conviction that we are on the right path to rebuilding this Company and restoring it to its rightful place on the global automotive landscape.

“We are changing both the image and substance of our company in order to regain the faith of consumers. There is no substitute for hard work and we are committed to continuing to deliver on the business plan numbers we outlined,” added Marchionne.


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