Chrysler Group LLC released 2009 and 2010 Q1 Financial results today. This news includes a $143 million dollar operating profit for the first quarter of 2010.
Sergio Marchionne, CEO of Chrysler Group LLC states," This positive operating result in the first quarter is a concrete indication to our customers, dealers and suppliers that the 2010 targets we have set for ourselves are achievable. We are also generating cash to finance the investments being made in our product portfolio and brand repositioning."
Highlights include:
-Net Revenues in Q1 2010 increased to $9,687 million, up from $9,434 million in Q4 2009.
-Operating Profit(a) came in at $143 million, as trading margins turned positive and continued to improve.
-Modified EBITDA(b) was $787 million, or 8.1 percent of Net Revenues.
-Net Loss significantly declined in Q1 2010 to $197 million due to improved operating performance.
-Cash(c) at March 31, 2010 strengthened to $7,367 million due to strong cash flow of $1,490 million in the quarter, bringing total available liquidity to $9.8 billion.
-Market share improved to 9.1 percent in the U.S., from 8.1 percent in Q4 2009, and to
-13.7 percent in Canada from 11.6 percent in Q4 2009.
-The Company confirms its targets for the year, including a minimum of operating break-even in 2010.
Full Article available in pdf here
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