Chrysler Group Reports 2011 Net Income Of $183 Million

Published in the April 2012 Issue April 2012 Build

Chrysler Group LLC recently reported preliminary net income of $183 million for the full year 2011, up from a net loss of $652 million a year ago, exceeding the objective set in November 2009.

"The house is in good order. We are proud of the work we've done," said Sergio Marchionne, chairman and chief executive officer of Chrysler Group LLC. "Now we greet a new year of high expectations with our heads down, forging ahead and focused on executing the goals we've set for ourselves as a company."

The company's full year net income, that includes its popular line of Dodge Ram trucks, included a $551 million loss on extinguishment of debt recognized in the second quarter of 2011, when the company repaid its outstanding obligations to the U.S. Treasury and Canadian government in full, with interest, six years early. Excluding the charge, Adjusted Net Income for the full year 2011 was $734 million, exceeding the company's 2011 guidance and further delivering on the goals established two years ago.

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