Chrysler Posts $436M 2nd-Quarter Profit

DETROIT (WWJ/AP) – Chrysler rode big sales increases in the U.S. to a $436 million profit in the second quarter.

A year earlier, the company lost $370 million, mainly because it refinanced government bailout loans.

Unlike other U.S.-based automakers, Chrysler is benefiting from its reliance on the United States car market. While other companies are losing money in Europe, Chrysler has little presence there. The company gets 75 percent of its sales from the U.S., where the market has been growing for the past three years.

“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, in a statement.

“Together, we are always striving to achieve more, to learn from the past and build upon our successes. Nowhere is our dedication more evident than in the all-new Dodge Dart, with up to 41 mpg highway and levels of customization not typically found in the compact car segment,” Marchionne said.

Chrysler says second-quarter revenue increased 23 percent $16.8 billion.

(TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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