Chrysler profits surge 80%

October 29, 2012: 5:09 PM ET
chrysler earnings

The comeback continues at Chrysler.

The automaker reported third-quarter profits Monday that rose 80% versus a year ago, buoyed by strong sales in U.S.

Chrysler's third-quarter net income hit $381 million, up from $212 million last year, though down versus the first two quarters of this year.

Revenues came in at $15.6 billion, up 18% versus last year.

Despite being majority-owned by Italian automaker Fiat, Chrysler is less exposed to Europe that competitors Ford and General Motors, both of which had their second-quarter results weighed down by the continent's ongoing crisis.

Last week, Ford (F) announced plans to close two plants in England, continuing a string of recent cuts in Europe.

Ford CEO: 'Europe has a long way to go'

But the American auto market has been a different story. U.S. auto sales last month hit their highest level in more than four years.

Chrysler's worldwide vehicle sales for the third quarter were 556,000, up 12% from last year due mainly to the company's 13% sales gain in the U.S. The company confirmed its 2012 guidance, projecting net income of roughly $1.5 billion for 2012.

Ford is scheduled to report its third-quarter results Tuesday morning, with General Motors (GM) up Wednesday, assuming the presentations aren't rescheduled because of Hurricane Sandy.

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