For the first time since 1997, Chrysler has ended the year in the black with a net profit of $183 million and a “modified” operating profit of $2.0 billion, the automaker reported this morning.
After standing widespread predictions of its demise on their head, Chrysler now is predicting another strong performance in 2012, including a double-digit gain in revenue and a 50% increase in operating income.
The figures come as a sharp turnaround for a company that declared bankruptcy less than three years ago and which survived only after receiving a more than $12 billion bailout from the U.S. Treasury. But the Chrysler of today, now controlled by Italy’s Fiat, is a decidedly different manufacturer that went into Chapter 11 protection shortly after the collapse of a failed merger with Daimler AG of Germany.
“The house is in good order. We are proud of the work we’ve done,” said Sergio Marchionne, who serves as Chief Executive Officer of both Chrysler Group LLC and Fiat SpA. “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.”