Chrysler Group Reports 2012 Increases in Net Income More Than Eight-Fold From 2011

Chrysler Group LLC took its biggest step toward a turnaround since it set a five-year strategy back in 2009. Today, the company reported a preliminary net income of $1.7 billion for the full year of 2012. The astounding number is up from a net income of $183 million in 2011. The improvement of over eight-fold exceeded projections from earlier in the year.

“While we are pleased to have achieved strong financial results in 2012, the enterprise we are crafting is not complete,” Chrysler Group LLC Chairman and CEO Sergio Marchionne said in the company’s official press release. “The goals we’ve set for the year ahead reflect a common desire by everyone from leadership to the shop floor to succeed and sustain the power of the house we are building. Our aim is meaningful, but it is not complicated, and only a preoccupation with quality can achieve it. We pause for a moment to enjoy our accomplishments, but we will not stop. Our continued achievement relies upon maintaining a humble spirit and an intense focus on the integrity of our work. And so we press on.”

In just the fourth quarter alone, Chrysler’s net income was $378 million on revenue of $17.2 billion, a 68 percent increase from the year before. For the year, the company reported revenue of $65.8 billion, a 20 percent increase. The company, which includes Chrysler, Dodge, Jeep, Ram and SRT, attributed the primary reason for the increases to higher vehicle shipments.

As CEO Marchionne stated, Chrysler Group LLC “will not stop.” The release of the 2012 numbers also comes just a few days before the Super Bowl, which is set to feature yet another Chrysler Group commercial. The company’s last two Super Bowl commercials — featuring Eminem in 2011 and Clint Eastwood in 2012 — were arguably the most popular for their respective games. Needless to say, the company’s ad on Feb. 3 will be highly anticipated.
[SOURCE: Chrysler Group LLC]