Chrysler Group LLC reported its preliminary second-quarter financial results today, including net income of $436 million. The figure shows an $806 million improvement over the $370 million net loss in the same quarter last year, which had included a $551 million charge related to repayment of its government loans.
Excluding the charge, net income increased $255 million, or 141 percent, period over period.
Chrysler's people "are always striving to achieve more, to learn from the past and build upon our successes," said Sergio Marchionne, Chrysler Group LLC chairman and CEO. He pointed to the all-new Dodge Dart as an example of success, citing its 41 mpg highway mileage and "levels of customization not typically found in the compact car segment."
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Revenue for the quarter was $16.8 billion, up 23 percent from $13.7 billion in the second quarter of 2011. Revenue was primarily driven by a 22 percent period-over-period increase in shipments, according to a company release. The company recorded net income of $909 million on revenue of $33.2 billion in the first six months of 2012.
The company recorded a modified operating profit of $755 million, or 4.5 percent of revenue, in the second quarter, up 49 percent from the $507 million reported in the prior year. The increase was partially offset by the company's increased sales of cars versus trucks and SUVs, and by higher R&D spending for new models.
Modified operating profit for the first half of the year was $1.5 billion.
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