Chrysler announced today that it has posted its first profitable year since emerging from a pre-packaged bankruptcy in 2009.
The Michigan-based automaker, which is led by parent company Fiat, says that an especially strong fourth quarter boosted its net income to $183 million in 2011. That compares very favorably to a $652 million loss the automaker posted in 2010 prior to a new product onslaught.
Revenue was up 31 percent to $55 billion, Chrysler said, as sales of its predominantly new and redesigned models took off throughout the year. Globally, Chrysler’s sales were up 22 perent to 1.85 million new cars and trucks and its market share at home in the United States raised from 9.2 to 10.5 percent.
Chrysler’s year was actually stronger than its net profit looks since it paid a hefty charge to trim its debt to the governments of the United States and Canada, which bailed it out from near-certain dissolution in 2009. Without the charges, Chrysler would have posted more than $700 million in net profits.
Bullish on 2012
Chrysler CEO Sergio Marchionne said that the automaker is even more optimistic about 2012.
“The house is in good order,” Marchionne said in a statement released to members of the media. “We greet a new year of high expectations with our heads down, forging ahead and focusing on executing the goals we’ve set for ourselves as a company.”
The automaker is banking on its continued product rollout in North America and its plans for growth in Europe and abroad to translate into additional profits. In the next few months, Chrysler will release the Dodge Dart, which is expected to be its first competitive small car in about a decade, and it is expected to increase its synergies with parent company Fiat.
