Chrysler Group Reports Net Income of $1.7 Billion in 2012, Up from $183 Million in 2011

By Trevor Dorchies | January 30, 2013
How the times have changed. Back in 2009, Chrysler Group entered bankruptcy and Italian automaker Fiat came in to rescue the Pentastar by acquiring chunks of the company over the course of a few years. Now, over three years later, it appears Chrysler is back on its collective feet and not only that, it took off running. Today, Chrysler Group reported a preliminary net income of $1.7 billion, up eight-fold from $183 million in 2011. It's quite the victory for an automaker that was on the brink of liquidation only a short time ago, and Chrysler Group LLC Chairman and CEO Sergio Marchionne has no plans of slowing down now. "While we are pleased to have achieved strong financial results in 2012, the enterprise we are crafting is not complete," Marchionne said in a statement released by the automaker. "The goals we've set for the year ahead reflect a common desire by everyone from leadership to the shop floor to succeed and sustain the power of the house we are building. Our aim is meaningful, but it is not complicated, and only a preoccupation with quality can achieve it. We pause for a moment to enjoy our accomplishments, but we will not stop. Our continued achievement relies upon maintaining a humble spirit and an intense focus on the integrity of our work. And so we press on." Chrysler Group's net revenue for 2012 tallied $65.8 billion, up 20 percent from $55 billion in 2011, and closed last year on a high note with fourth-quarter revenue up 13 percent at $17.2 billion. Modified operating profit improved to $2.9 billion in 2012, up 47 percent from 2011, and once again ending the year on a high note with $711 million earned, up 40 percent in the fourth quarter. Perhaps one of the most telling stats was Chrysler Group's U.S. market share rising from 10.5 percent in 2011 to 11.2 percent in 2012. At the end of 2012, U.S. dealer's days' supply of inventory sat at 73 days which can be attributed to the launch of the all-new Dodge Dart and heavily revised Ram 1500 pickup truck. Going forward, Chrysler Group has set some goals for itself in 2013. They include a worldwide vehicle shipment total tallying somewhere between 2.6 million and 2.7 million units, a net revenue between $72 million and $75 million, and an estimated net income of $2.2 billion. Source: Chrysler