Earlier today Chrysler Group LLC announced its second quarter earnings with a net income of $507 million, a 16 percent increase over last year’s $436 million. This is the eighth consecutive quarter of positive income for the company.
Chrysler’s second quarter revenue increased by seven percent from $16.8 billion to $18.0 billion. These numbers were driven by vehicle shipment increases for the new Jeep Grand Cherokee and Ram pickup truck. Net revenue for the first half of 2013 was $33.4 billion.
“As we have highlighted previously, the timing of product launches and capacity increases causes this year’s performance to be biased to the second half, and a continued aggressive drive for excellence and flawless execution will be essential to attain the targets we’ve set for ourselves,” said Chrysler Group LLC Chairman and CEO Sergio Marchionne in a recent interview.
Modified Operating Profit for the second quarter increased seven percent from $755 million last year to $808 million, thanks to higher shipment volumes and positive pricing. This was also offset by higher industrial and launch-related costs, along with the $151 million charge in relation to a voluntary safety recall for select Jeep Grand Cherokee and Liberty models. For the first half of the year, the Modified Operating Profit was $1.2 billion.