Chrysler Posts $436M Q2 Profit

The company says its North American vehicle sales rise 24%

   

Chrysler Group, now owned by Italy’s Fiat (PINK:FIATY), reported that it earned $436 million during the second quarter, compared to a loss of $370 million in the same period last year.

The company recorded revenue of $16.795 billion, up 23% from last year.

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Worldwide sales jumped 20% during the quarter. The company sold 582,000 vehicles around the world, Reuters noted.

North American sales rose 24%, while overseas sales soared 58%.

Chrysler represents a bright spot for Fiat, which has seen its home territory sales in Europe hit by the eurozone’s economic crisis. Fiat has announced plan to purchase an additional stake in Chrysler. The option to do so was part of the original investment agreement.

Company officials had issued earlier estimates of a $3 billion profit for the year, but hinted that the final earnings number could be even higher.

Rescued from collapse in 2009 by the U.S. government, Chrysler’s sales have increased year-over-year for 27 consecutive months.

The company is launching its updated Dodge Dart to compete in the compact sedan market, already dominated by Honda (NYSE:HMC), General Motors (NYSE:GM), Toyota (NYSE:TM) and Ford (NYSE:F).


Article printed from InvestorPlace Media, http://investorplace.com/2012/07/chrysler-posts-436m-q2-profit/.

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