Chrysler Group LLC posted an 80-per-cent rise in quarterly profit on Monday on the back of stronger new vehicle sales, continuing the U.S. auto maker’s comeback from its 2009 bankruptcy.
Chrysler, majority owned by Italy’s Fiat SpA, also reaffirmed its outlook for the year.
Profit in the third quarter rose to $381-million (U.S.) from $212-million a year earlier. Net revenue increased 18 per cent to $15.48-billion.
Globally, Chrysler’s auto sales rose 12 per cent to 556,000 vehicles in the quarter.
“We’ve changed the conversation at Chrysler Group,” said Sergio Marchionne, chief executive officer of both Chrysler and Fiat.
Fiat will report its earnings on Tuesday. The Italian car maker has pledged to also give an update on its strategy on Tuesday, particularly in Europe, where sales have slumped owing the region’s debt crisis.
Chrysler reaffirmed its 2012 forecast that calls for profit of about $1.5-billion on net revenue of about $65-billion.
Accounting for the full-year outlook, Chrysler expects fourth-quarter profit of about $210-million on revenue of $16.4-billion.
Fiat owns 58.5 per cent of Chrysler. The remaining 41.5 per cent is owned by a United Auto Workers union healthcare trust for retired Chrysler workers, which is a voluntary employees beneficiary association.
Follow us on Twitter: