Chrysler Earnings Jump 80 Percent
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AUBURN HILLS (WWJ) - Chrysler earned $381 million in the third quarter of this year, an 80 percent increase over the same period last year.
“The third-quarter financial results that we released today represent another pillar in the platform of accountability that we are building,” said Chrysler CEO Sergio Marchionne in an email to workers.
Marchionne will give more details during a Tuesday conference call with reporters and analysts.
Chrysler’s revenues were up 18 percent in the quarter, to $15.5. Chrysler has a number of new products in its showrooms. That’s pushed up sales 13 per cent, and allowed the company to minimize expensive incentives.
“Chrysler’s been doing really well,” says Edmunds.com analyst Michelle Krebs. “They’ve been selling more and more vehicles. Revenues have been going up, and they’ve had some successes.”
Chrysler is the first of the three domestic car companies to post its earnings. Ford reports on Tuesday morning, GM on Wednesday. All are expected to see issues in Europe drag down the reports. But, strong North American products will more than offset troubles in the rest of the world.
“This is going to be the theme of this quarters earnings,” says Krebs. “We are seeing North America be the bright spot in the whole globe.”
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