Chrysler Group LLC reported income of $166 million in the first quarter of 2013, down from $473 million a year ago. The quarter was negatively hit by launches of the 2013 Ram Heavy Duty trucks, the 2014 Jeep Cherokee and other key products, but the company expects those launches to give second-quarter numbers a bit of gas.
The first quarter of 2013 represents the seventh quarter in a row that the company has had positive net income.
"We remain on track to achieve our business targets, even as the first-quarter results were affected by an aggressive product launch schedule," Sergio Marchionne, chairman and CEO, said in a statement. "While the task ahead this year is daunting, we remain committed to our overall targets, including a minimum shipment increase of 8 percent and a Modified Operating Profit of $3.8 billion."
Net revenue for the quarter was $15.4 billion, down 6 percent from $16.4 billion in the first quarter of 2012. International shipments declined year-over-year due to continued economic weakness in Europe and import restrictions in Latin America.
Modified Operating Profit was $435 million, or 2.8 percent of revenue, in the first quarter, versus $740 million reported in the prior year. The decrease was attributable to reduced shipments, industrial costs related to the new vehicle launches, and the devaluation of the Venezuelan bolivar fuerte relative to the U.S. dollar, according to a company news release.
Net Industrial Debt was $619 million at March 31, 2013, improving from $1.3 billion a year ago and $1 billion at Dec. 31, 2012.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Quiznos Files for Chapter 11
- Vybz Kartel Convicted of Murder
- U.S. Consumer Sentiment Falls in Early March
- U.S. to Relinquish Gov't Control Over Internet
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- Koch Brothers Step up Anti-Obamacare Campaign