Monday, November 8, 2010

Chrysler Group Reports Smaller Losses in Q3 2010

A loss is a loss, but at least there's an improvement in the Chrysler Group's financial results for the third quarter of the year that ended on September 30, 2010. The American automaker, which is operated by Fiat SpA, reported an $84 million net loss in Q3, the smallest in the year and less than half the $172 million loss in the second quarter of 2010.

In other results, Chrysler said Net Revenues increased to $11,018 billion representing a 5.2 percent improvement over the prior quarter, while year-to-date Net Revenues, as of September 30, 2010, totaled $31,183 billion. The firm's operating profit rose 31 per cent from Q2 2010 to $239 million.

The company's global vehicle sales were 401,000 units for Q3 2010, a decrease of 1 percent compared to 407,000 units in Q2 2010. In the U.S., Chrysler's market share improved for the fifth consecutive quarter since the company's formation to 9.6 percent in Q3 2010 from 9.4 percent in Q2 2010 and 8.0 percent in Q3 2009.

After the announcement on the Q3 financial results, Sergio Marchionne, Chief Executive Officer of Chrysler Group LLC, stated:

"A year ago, Chrysler Group laid out clear and concise five year financial goals and after three consecutive quarters of better than forecasted results, we are not only living up to our commitments but we are also exceeding our 2010 financial objectives."

"Chrysler's financial success is dependent upon the vehicles we design, build and sell. In a mere 16 months, the Company is delivering 16 all-new or refreshed products led by the critically acclaimed all-new 2011 Jeep Grand Cherokee and including the Fiat 500, signaling the return of the Fiat brand to the U.S. and Canada. We are committed to ensuring that every new vehicle this company launches has the same high quality and technological advances as the Jeep Grand Cherokee. Our 2010 accomplishments are just the beginning of building Chrysler Group into a vibrant and competitive auto maker," Marchionne added.

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