Chrysler Group announced its preliminary financial results for the first quarter (Q1) 2011, reporting that it achieved its first quarterly net income since the Company began operations in June 2009.
In Q1 2011, Net Revenues increased 35 per cent to US$13,124 million compared to Q1 2010. The increase was primarily due to increased volumes and positive pricing and mix resulting from the successful reception of the 16 all-new or significantly refreshed products in the marketplace.
The Company posted a Modified Operating Profit of US$477 million in Q1 2011 (3.6 per cent of Net Revenues) compared to US$143 million (1.5 per cent of Net Revenues) in Q1 2010. The Q1 2011 improved operating performance was primarily attributable to increased volumes and positive pricing and mix, partially offset by increased advertising investments and industrial costs associated with the volume ramp up of newly launched models.
“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.