Fiat’s Chrysler Group posted solid results for the first quarter, with rising sales boosting revenue and profits.
Earnings came in at $473 million, the best quarterly income since 1998, and a fourfold increase over $116 million during the same period in 2011. Revenue for the quarter rose 24% to $16.4 billion as the company sold 523,000 vehicles, up 33% compared to 2011.
U.S. vehicle sales, which account for about 75% of Chrysler’s total, jumped 39%, while international sales spiked by 80% during the quarter. Chrysler also saw its share of the U.S. market rise to 11.2%, compared to 9.4% last year.
The company continues to recover from its $11.2 billion federal bailout, bankruptcy and sale in 2009. Last year it posted its first annual profit — $183 million — in six years, CNNMoney noted.
Its earnings target of $1.5 billion on $65 billion in revenue for this year remained unchanged.
The first quarter was good for U.S. automakers, with both Ford (NYSE:F) and General Motors (NYSE:GM) seeing sales gains in first three months of the year.
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