Chrysler Group LLC reported $116 million in net income for the first quarter of 2011, marking the first time the long-troubled Detroit maker has been in the black since it emerged from Chapter 11 protection in June 2009.
By comparison, Chrysler reported a $197 million loss during the first three months of 2010. The maker has been struggling to reverse its fortunes even as it has come under the increasing control of Fiat SpA. The Italian maker was given a 20% stake following Chrysler’s emergence from bankruptcy. That stake is now 30%, and is expected to reach 46% as soon as executes a plan to pay off its government loans.
“Chrysler Group’s improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers,” said Sergio Marchionne, Chief Executive Officer of both Chrysler and Fiat, in a prepared statement.
“These results,” the executive added, “are a testament to the hard work and dedication of our employees, suppliers and dealers, all of whom are helping Chrysler create a new corporate culture built on the quality of our products and processes, and simple, sound management principles.”