Chrysler Generates 2011 Net Income of $183 Million
It seems, from a financial standpoint, things are getting better for Chrysler Group. The company reported a total net income of some $183 million last year.
This money earned, included a $551 million loss, required to service outstanding debts (namely repaying the money it owed to the US Treasury and Canadian governments in full, some six years ahead of schedule and we might add, with interest).
Considering that a year ago, Chrysler reported a net loss of $652 million and that 2011’s income exceeded estimates, the report represents rather good news.
In fact, in the fourth quarter of 2011 alone, Chrysler earned some $225 million (versus a loss of $199 million in Q4 2010) even though it’s been introducing a number of new or significantly refreshed vehicles, programs, which tend to eat up considerable resources.
As of this month, Chrysler has achieved all the goals laid out two years ago following the companies restructuring. This, plus performance resulting from transactions, has led Fiat S.p.A,to increase its stake in the company to some 58.5 percent.
Upon the announcement of Chrysler’s 2011 earnings, Chairman and CEO Sergio Marchionne (shown above) declared, “the house is in good order. We are proud of the work we’ve done. Now we greet a new year of high expectations with our heads down, forging ahead and focused on executing the goals we’ve set for ourselves as a company.”
More by Huw Evans
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