Chrysler Group LLC has reported preliminary full-year and fourth-quarter 2013 results. Full-year net income, including the net favorable effects of infrequent items, was $2.8 billion, up from net income of $1.7 billion a year earlier. Infrequent items for 2013 included a non-cash tax benefit of $962 million related to the release of valuation allowances on deferred tax assets during the fourth quarter, and a $24 million loss on extinguishment of debt related to two debt re-pricing transactions during the year. Net income for the fourth quarter was $1.6 billion, including the net favorable effects of infrequent items of $961 million, marking the Company’s tenth consecutive quarter of positive net income.
Adjusted Net Income for the year was $1.8 billion, an increase of 9 percent from $1.7 billion a year earlier. Adjusted Net Income for the fourth quarter of 2013 totaled $659 million, up 74 percent compared with the same period a year ago.
Net revenue was $72 billion for the year, up 10 percent from $66 billion in 2012, primarily driven by an increase in vehicle shipments, including Jeep Grand Cherokee, Jeep Cherokee and Ram pickup trucks. Net revenue totaled $21 billion for the fourth quarter.
“The 2013 year-end financial results reflect the commitment Chrysler Group has made to rapidly refresh our product lineup with vehicles that achieve exacting performance standards,” Chrysler Group LLC Chairman and CEO Sergio Marchionne said.