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Chrysler More than Doubles Q2 Earnings

Make could “overshoot” profit target for 2012, says Marchionne.

by on Jul.30, 2012

Good news from Chrysler today for CEO Sergio Marchionne but things aren't likely to be so rosy when partner Fiat reports earnings on Tuesday.

Chrysler Group LLC reported a 141% improvement in its adjusted net income during the second quarter and a 23% increase in revenue over last year’s levels.

The company said preliminary second-quarter financial results, including net income of $436 million, show an $806 million improvement from the $370 million net loss in the same quarter last year, which had included a $551 million charge related to repayment of its government bailout loans.

Excluding the charge, net income increased $255 million, or 141%, period over period, as the company continues to achieve its business targets and improve sales across all brands, Chrysler said. The maker repeated earlier guidance saying it remains on track to report net earnings of $1.5 billion for all of 2012 – and an operating profit of $3 billion.

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“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, Chrysler Group LLC chairman and chief executive officer, who now expects the automaker’s profits to exceed $1.5 billion for the full year. “Together, we are always striving to achieve more, to learn from the past and build upon our successes.”

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