Chrysler Group LLC on Tuesday posted a net income of $507 million for the second quarter of 2013.
Preliminary results indicate an increase of 16 percent in net income from $436 million in the second quarter of 2012, and showed eight consecutive quarters of positive net income.
"Chrysler Group is poised for a very strong performance in the second half of the year, with the new Jeep Grand Cherokee and Ram 1500 pickup earning best-in-class recognition, and the all-new Jeep Cherokee now rolling off the line," Sergio Marchionne, Chrysler chairman and CEO, said in a statement.
The company's modified operating profit rose 7 percent to $808 million in the second quarter, which it credited to higher shipment volumes and positive pricing, which in turn were partially offset by higher industrial and launch costs, according to a release. The company also was hit with costs related to its recall of some older Jeep Grand Cherokee and Jeep Liberty models.
Related: Chrysler Keeps Fiat in the Black
Net industrial debt as of the end of June was $11.9 billion, down slightly from $12.1 billion a year ago.
Sales were up 10 percent over the past 12 months, driven primarily by a 17 percent jump in U.S. retail sales, and worldwide vehicle shipments were up 5 percent to 660,000 for the quarter, compared to 630,000 a year ago.
Chrysler enjoyed a market share of 11.4 percent in the U.S., up slightly over the year-ago figure of 11.2 percent.
Find out which U.S. Hispanic-owned companies are up and which are down on the 2013 HispanicBusiness Fastest-Growing 100 overview.
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