DETROIT, MI - Chrysler Group's net income fell to $166 million in the first quarter of 2013, compared to $473 million in the year-ago period. The company will host a conference call with investors, analysts and the media Monday morning at 10 a.m. and MLive will be live-blogging the event in the comments section below. The company said Monday morning...
3. Ram 1500The company will host a conference call with investors, analysts and the media Monday morning at 10 a.m. and MLive will be live-blogging the event in the comments section below.
The company said Monday morning that the drop stemmed from higher industrial costs related to key product launches, such as the 2013 Ram Heavy Duty trucks and the 2014 Jeep Grand Cherokee.
At the same time, strong retail sales in North America were offset by lower shipments to Latin America and Europe, the company said.
Net revenue fell to $15.4 billion, compared to last year's first quarter revenue of $16.4 billion.
“We remain on track to achieve our business targets, even as the first-quarter results were affected by an aggressive product launch schedule,” Chrysler Group LLC Chairman and CEO Sergio Marchionne said in a release. “This quarter underscores the importance of an unwavering commitment to execute flawless vehicle introductions to reach our full potential. While the task ahead this year is daunting, we remain committed to our overall targets, including a minimum shipment increase of 8 percent and a Modified Operating Profit of $3.8 billion.”
Chrysler is hosting a conference call and webcast. We are live-blogging the event. Follow along in the comments section below and let us know if you have any questions.