Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Chrysler loses less money, raises forecast

By Aaron Smith, staff writer


NEW YORK (CNNMoney.com) -- Chrysler Group LLC reported a narrower quarterly loss Monday and revised its guidance to a rosier forecast for all of 2010.

Chrysler said its net loss eased to $84 million in the third quarter, compared to a loss of $172 million during the same period last year.

The automaker, which emerged from bankruptcy and a U.S.-government backed bailout last year, said its operating profit was $239 million in the third quarter. Revenue rose more than 5% in the quarter to $11 billion.

Chrysler boosted its full-year guidance to an operating profit of about $700 million, compared to its previously announced range of breakeven to $200 million.

"We are not only living up to our commitments but we are also exceeding our 2010 financial objectives," said Sergio Marchionne, chief executive officer of Chrysler Group.

Marchionne is also the chief executive officer of the Italian automaker Fiat, which took a controlling stake in Chrysler as part of last year's restructuring.

He said that Chrysler has released 16 new or "refreshed" vehicles in the last 16 months, including the 2011 Jeep Grand Cherokee and the Fiat 500. To top of page

Find Your Next Car
Index Last Change % Change
Dow 22,956.96 85.24 0.37%
Nasdaq 6,624.01 18.20 0.28%
S&P 500 2,557.64 4.47 0.18%
Treasuries 2.31 0.03 1.18%
Data as of 12:23am ET
Company Price Change % Change
Bank of America Corp... 26.24 0.41 1.59%
General Electric Co 23.36 0.38 1.65%
PG&E Corp 53.43 -4.29 -7.43%
Advanced Micro Devic... 14.26 0.04 0.28%
Micron Technology In... 41.49 1.09 2.70%
Data as of Oct 16
Sponsors

Sections

More than 5% of DACA recipients have started their own businesses since enrolling the program, according to a recent survey. More

Crashing out of the EU without a trade deal will cost British households an extra £260 ($345) a year, according to a new report. More

Netflix plans to continue ramping up its spending as the arms race for original content heats up. More

More than 30 companies have been sued by the government over the past month for scamming student loan borrowers. More