Chrysler reports a $381 million third-quarter profit, up 80% from like-2011.
The Auburn Hills, MI-based auto maker also cuts down its debt, from $2.2 billion a year go to $693 million at the end of September.
Net revenue continues trending upward, at $15.5 billion in Q3 vs. $13.1 billion year-ago. The auto maker attributes its successes to an increase in shipments and its refreshed product lineup.
Chrysler says it is on target with previous forecasts for full-year vehicle sales of 2.3 million-2.4 million units worldwide, net revenue of about $65 billion, a modified operating profit of at least $3 billion, net income of about $1.5 billion and free cash flow of more than $1 billion.
“We have revamped our product lineup with such segment-defining models as the Jeep Grand Cherokee and the Chrysler 300,” Chrysler CEO Sergio Marchionne says in a news release. “Critics and consumers already are responding positively to the Dodge Dart and to the 2013 Ram 1500, with its best-in-class fuel economy.”
Chrysler’s market share in the U.S. rose to 11.3% for the third quarter, the auto maker says, driven by a 16% increase in sales. The auto maker says its worldwide vehicle deliveries for the period totaled 556,000 units, up 12% from year-ago.
A newly ratified contract with the Canadian Auto Workers union, as well as the introduction of the Dart compact car and redesigned Ram 1500 fullsize pickup will contribute to the auto maker’s improving performance, it says.
Cash on hand declined slightly to $11.9 billion on Sept. 30, from $12.1 billion on June 30, but is up compared with $9.5 billion in like-2011.
