For the fourth quarter, net income was $378 million on revenue of $17.2 billion, up 68 percent from $225 million a year earlier. For the year, the company reported revenue of $65.8 billion, an increase of 20 percent from a year ago, primarily due to higher vehicle shipments.
Chrysler Group LLC Chairman and CEO during the announcement inside the former Dime Building, now renamed Chrysler House, April 30.AUBURN HILLS, MI- Chrysler Group LLC’s profits last year increased to more than $1.5 billion, company officials announced today.
The Auburn Hills-based automaker, which is majority owned by Italian automaker Fiat SpA, reported that its full-year 2012 net income increased more than eight-fold to $1.7 billion, from $183 million in 2011.
For the fourth quarter, net income was $378 million on revenue of $17.2 billion, up 68 percent from $225 million a year earlier. For the year, the company reported revenue of $65.8 billion, an increase of 20 percent from a year ago, primarily due to higher vehicle shipments.
The profits last year are the best from Chrysler since emerging from its government-backed bankruptcy as part of the auto bailout in 2009.
Chrysler and Chairman Sergio Marchionne said the automaker is “pleased” with the strong results, but the company's mission is remains incomplete.
"We pause for a moment to enjoy our accomplishments, but we will not stop,” he said in a statement. “Our continued achievement relies upon maintaining a humble spirit and an intense focus on the integrity of our work. And so we press on.”
Worldwide vehicle shipments were 2.4 million for the year, up 20 percent from 2.0 million a year ago, including 613,000 vehicles in the fourth-quarter.
Jesse Toprak, TrueCar.com senior analyst, said Chrysler's "limited global exposure was a blessing," as many of its rivals are losing billions in the European marketplace.
"The company was the only domestic automaker to gain market share last year and was also able to increase its' average transaction price by nearly $1,000 per car compared to 2011 despite a marginal incentives spending which helped to improve profitability," he said in a report Tuesday.
Chrysler is the second Detroit automaker to release its 2012 financial results.
Ford Motor Co. Tuesday reported earnings of $5.67 billion, or $1.42 per share, last year. Ford's earnings overall last year were down from 2011, when it posted a $20.2 billion profit, but that included a one-time, non-cash tax benefit of $12.4 billion.
General motors Co. is scheduled to release its results Feb. 14.
Check back to MLive.com/auto later this morning for more information on Chrysler’s financial results.
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