Photo: Fiat Chrysler
Due to "unfavorable effects of two significant infrequent items", the Fiat Chrysler Group's first-quarter financial results aren't anything to brag about. As it happens, the Auburn Hills-based company lost a cool $690 million, a big chunk of it represented by a $504 million prepayment.
Another $672 million went on an MoU agreement between Fiat and the VEBA Trust for the acquisition of remaining Chrysler Group equity interests owned by the healthcare trust. All in all, the Italo-American company would've enjoyed a little over $480 million in terms of adjusted net income if the aforementioned deals wouldn't have happened.
On the better news front, Chrysler had the largest market share increase of any North American automaker during first-quarter, with a current overall share of 12.5 percentge points. The Ram Trucks brand and the company's SUV models saw a 30 percent improvement, while sales have increase by 11 percent over the same period last year.
Net revenue was $19 billion for the quarter, up 23 percent from $15.4 billion in the prior-year period, primarily driven by an increase in vehicle shipments, including Ram pickup trucks and the all-new Jeep Cherokee. Higher shipments levels and an improved mix increased the modified operating profit by 35 percent over Q1 2013, to $586 million. As for the total number of vehicles shipped worldwide, Fiat Chrysler managed to move no less than 668,000 cars, up 16 percent from the 574,000 units sold over the same period last year.
Truth be told, things don't look as dramatic as most might think. With the recent aggressive product launch strategy including the all-new Jeep Renegade crossover, as well as the 2015 Dodge Challenger and Charger, the Fiat Chrysler Group has what it takes to pull decent financial stats by the end of 2014.
On the better news front, Chrysler had the largest market share increase of any North American automaker during first-quarter, with a current overall share of 12.5 percentge points. The Ram Trucks brand and the company's SUV models saw a 30 percent improvement, while sales have increase by 11 percent over the same period last year.
Net revenue was $19 billion for the quarter, up 23 percent from $15.4 billion in the prior-year period, primarily driven by an increase in vehicle shipments, including Ram pickup trucks and the all-new Jeep Cherokee. Higher shipments levels and an improved mix increased the modified operating profit by 35 percent over Q1 2013, to $586 million. As for the total number of vehicles shipped worldwide, Fiat Chrysler managed to move no less than 668,000 cars, up 16 percent from the 574,000 units sold over the same period last year.
Truth be told, things don't look as dramatic as most might think. With the recent aggressive product launch strategy including the all-new Jeep Renegade crossover, as well as the 2015 Dodge Challenger and Charger, the Fiat Chrysler Group has what it takes to pull decent financial stats by the end of 2014.
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