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

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
Find Your Next Car
Index Last Change % Change
Dow 17,712.66 34.43 0.19%
Nasdaq 4,891.22 27.86 0.57%
S&P 500 2,061.02 4.87 0.24%
Treasuries 1.95 -0.06 -2.94%
Data as of Mar 28
Company Price Change % Change
Intel Corp 32.00 1.92 6.38%
Bank of America Corp... 15.31 -0.11 -0.71%
Ford Motor Co 15.98 -0.03 -0.19%
Apple Inc 123.25 -0.99 -0.80%
Microsoft Corp 40.97 -0.24 -0.58%
Data as of Mar 27
Sponsors

Sections

#AskSeaWorld campaign aims to set the record straight on the company's animal care, but is fueling critics on Twitter. More

America's job market is surging ahead, but consumers and businesses still aren't spending much. More

Apple CEO Tim Cook has spoken out against anti-LGBT legislation in the U.S., saying the new laws are "very dangerous" and contrary to America's founding principles. More