Chrysler earned $436 mln in quarter, confirms outlook

CHRYSLER-RESULTS:Chrysler earned $436 mln in quarter, confirms outlook

Chrysler Group LLC earned $436 million in the second quarter and maintained its full-year outlook for operating profit of at least $3 billion.

A year ago, Chrysler lost $370 million in the second quarter, including losses related to $551 million in payments of government loans related to its 2009 bankruptcy and bailout.

Second-quarter revenue rose 23 percent to $16.795 billion.

"Our results reflect a tireless pursuit by the people of Chrysler Group to deliver the very best quality and value across our brands," said Sergio Marchionne, chief executive and chairman of both Chrysler and Fiat.

Cash as of the end of the second quarter increased to $12.1 billion from $11.3 billion at the end of the first quarter. Total available liquidity at the end of the second quarter was $13.4 billion.

 

Chrysler is majority-owned by Italy's Fiat SpA . Earlier this month, Fiat announced its intention to exercise its call option to purchase another 3.3 percentage points of Chrysler, raising its stake to 61.8 percent once that deal has been done. Fiat nor Chrysler have yet to announce that the deal has been sealed.

The remaining shares of Chrysler are owned by a retiree's healthcare trust administered by the United Auto Workers union.