Chrysler Group reported its third-quarter financial results today, headlined by the news that the company made $212 million in net income during the quarter. In the third quarter of last year, Chrysler reported a net loss of $84 million.
The profits came on the back of net revenue of $13.5 billion in the third quarter, representing an increase of 19 percent compared to the third quarter of 2010.In the U.S., Chrysler Group’s market share increased from 9.6 percent in Q3 2010 to 11.4 percent this year. And globally, Chrysler reports that vehicle sales grew 24 percent year-over-year to 496,000 cars in the third quarter of this year.
Today’s financial results are a big change for Chrysler, which posted a $370 million loss in the second quarter of this year. However, much of that red ink resulted from the fact the Chrysler paid off many of its government-backed loans ahead of schedule. In the first quarter of 2011, Chrysler reported $116 million in net income.
The company attributes its success to the continued appeal of its new and refreshed products. In a statement, Chrysler CEO Sergio Marchionne said, “This house continues to be fully focused on financial performance and making outstanding cars and trucks.”
Chrysler employees and the United Auto Workers also today ratified a new four-year labor agreement that is expected to create 2100 new jobs and $4.5 billion in investments in U.S. plants.