Chrysler reports $239 million operating profit for Q3
Filed under: Chrysler, Earnings/Financials
Chrysler has announced a third-quarter operating profit of $239 million thanks to a 5.2-percent increase in revenue between July and September. That put the smallest of the Big Three’s revenue at $11 billion. That put the company’s net loss at $82 million, an improvement from the $172 million net loss recorded in Q2. As a result, Chrysler has adjusted its 2010 financial outlook, saying that it should be able to post an annual operating profit of $700 million for 2010, besting previous estimates by around $500 million. But most importantly, Chrysler says it will generate around $500 million in positive cash flow by the end of 2010. Forecasters originally had the company suffering a negative cash flow of $1 billion.
The turnaround is largely due to a rash of new products from Chrysler. The automaker is knee-deep in a campaign to launch 16 new or significantly rehashed models in as many months, and after a long period of model stagnation, fans of the brand are beginning to respond. The company has seen sales jump by 20 percent in the third quarter in the U.S., according to Automotive News. Hit the jump for Chrysler’s official press release.
[Sources: Chrysler, Automotive News | Image: AP Photo / Wilfredo Lee]
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Chrysler reports $239 million operating profit for Q3 originally appeared on Autoblog on Mon, 08 Nov 2010 09:58:00 EST. Please see our terms for use of feeds.
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