No Europe, no worry: Chrysler earnings grow |
| CNN - Jul 30, 2012 |
Chrysler Group reported Monday that its second-quarter operating income more than doubled, aided by improving conditions in the U.S. auto industry and relatively little exposure in troubled Europe.
The company reported it earned $436 million, up from the $181 million it earned a year earlier before taking a charge related to paying off its federal bailout loan. The company posted a net loss of $370 million a year earlier due to that charge.
Revenue jumped 23% to $16.8 billion, as the number of cars and trucks sold worldwide rose 20% to 582,000. About three out of every four cars it sells is in the United States, making it by far the most U.S.-centric automaker, even though Italian automaker Fiat owns a majority of the company.
The results were another sign of the turnaround for Chrysler Group, which was kept alive through a federal bailout and a bankruptcy reorganization three years ago.
Read Full Article from CNN
- Posted: 2012-07-30 18:03:17
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