Chrysler Reports First Q1 Profit, the First Since Bankruptcy Reorganization
At the same time, company revenues grew 35 percent from $9.7 billion in Q1 2010 to $13.1 billion in Q1 2011. The company’s fortunes seem to have take a turn for the better, as it has a $9.9 billion in cash reserves at the end of the first quarter compares to 2.5 billion in December 31, 2010. The automaker said last month that first-quarter global deliveries rose 18 percent from a year earlier to 393,879.
Worldwide sales of new cars and trucks were up 18 percent (60,000 vehicles) in the first quarter, thanks to the greater availability of the 16 new or refreshed products launched throughout last year.
“Chrysler Group’s improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers. We now have a clear view of a promising future,” said Sergio Marchionne, Chief Executive Officer, Chrysler Group LLC.
“These results are a testament to the hard work and dedication of our employees, suppliers and dealers, all of whom are helping Chrysler create a new corporate culture built on the quality of our products and processes, and simple, sound management principles,” added Marchionne.
At the same time, the carmaker’s share of the market rose to 9.2 percent in Q1 2011, compared to 9.1 percent in the same period of 2010, while in Canada, the company’s market share was 14.7 percent in Q1 2011 compared to 13.7 percent in Q1 2010.