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Chrysler Earnings Jump 16% – Give Boost to Italian Partner Fiat

But production issues, recalls, were costly problems

by on Jul.30, 2013

Fiat/Chrysler CEO Sergio Marchionne.

Despite paying a heavy price for a string of recent recalls, Chrysler Group LLC reported a 16% increase in earnings during the second quarter of 2013 and the company’s chief executive said he expects even stronger numbers during the second half of the year – though earnings are still expected to fall short of earlier expectations..

But Chrysler earnings would have been even stronger were it not for a major recall to address a Jeep safety issue as well as production shortfalls. Even so, the Detroit maker’s results were enough to provide a much-needed boost to its Italian partner Fiat which quadrupled its own net income for the second quarter despite ongoing problems in its home European market.

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The automaker posted net income of $507 million, compared to $436 million during the same quarter a year earlier. The second quarter marked Chrysler’s eighth consecutive quarter of positive net income. Net revenue increased 7% to $18 billion and Chrysler’s operating profit also increased 7% to $808 million from $755 million a year ago.

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