Chrysler posts 1st profit since bankruptcy

By Aaron Smith, staff writer


NEW YORK (CNNMoney.com) -- Chrysler Group LLC said Wednesday that it posted its first quarterly operating profit since being acquired by the Italian automaker Fiat as part of its emergence from bankruptcy last year.

Chrysler, in posting an operating profit of $143 million for the first quarter of 2010, also said it "remains on target to break even on an operating basis" for the full year.

The automaker attributed the operating profit to "continued price discipline on all products" as well as "the successful launch of the all-new Ram Heavy Duty pickup."

The company's net loss was $197 million for the quarter. That brought Chrysler's loss to nearly $4 billion since emerging from bankruptcy last June 10, including $3.79 billion in the period between June 10 and Dec. 31.

Chrysler said its first-quarter revenue climbed 3% from the final three months of 2009, to more than $9.6 billion. Its market share edged up to 9.1% in the United States from 8.1% the prior quarter.

"There has already been an uptick in customer traffic in our dealerships in [the first quarter] and we are confident that Chrysler sales will continue to increase as we launch new products in the second quarter, beginning with the all-new 2011 Jeep Grand Cherokee," said Sergio Marchionne, chief executive officer of Chrysler Group as well as Fiat.

Marchionne spoke at the company's investor day in Turin, Italy, as he outlined corporate plans through 2014.

Fiat took a controlling stake in Chrysler, based in Auburn Hills, Mich., after it emerged from bankruptcy last June. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,098.45 18.88 0.11%
Nasdaq 4,580.27 22.58 0.50%
S&P 500 2,003.37 6.63 0.33%
Treasuries 2.34 0.01 0.39%
Data as of 12:29am ET
Company Price Change % Change
Bank of America Corp... 16.09 0.08 0.50%
Apple Inc 102.50 0.25 0.24%
Intel Corp 34.92 0.27 0.78%
Facebook Inc 74.82 0.96 1.31%
General Electric Co 25.98 -0.03 -0.12%
Data as of Aug 29

Sections

Union organizers say that fast food workers will strike in more than 150 cities on Thursday. Workers want a $15 minimum wage and protection from retaliation by employers. More

Gas prices are falling to nearly $3 a gallon in some parts of South Carolina, and that will soon be common in much of the country. More

Celebrities' nude photos continue to get leaked on the Internet because of bad passwords and scams. More

The Coolest Cooler is the most successful Kickstarter campaign in the site's history, raising $13.3 million from over 62,000 backers. More

Five CNNMoney readers share stories about saving that you can learn from: What they would do differently if they had another chance. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.