LONDON (WWJ) – Chrysler earned $611 million in the third quarter, more than double the earnings of parent firm Fiat-Chrysler Automobiles.
This comes on strong North American sales, highlighted by a very good performance by the Jeep and Ram brands. Pickups and SUV’s tend to be a carmakers most profitable products.
“Chrysler has been a miracle story of the past five years,” said AutoTrader.com analyst Michelle Krebs. “Its U.S. sales more than doubled in this third quarter compared with the third quarter of 2009, and are up 19 percent from last year’s fourth quarter. Yet not only sales, but other key metrics have improved as well, including market share and transaction prices.”
The earnings show that Fiat-Chrysler, which posted a $239 million dollar profit, still earns most of its money in North America.
“Chrysler might be the poster child of the auto industry’s recovery over the past five years,” said Kelley Blue Book senior analyst Karl Brauer. “When things looked their worst in the dark, bankruptcy-plagued days of 2009, Chrysler seemed the least likely of the Detroit Three to survive.”
Chrysler expects to earn between $2.3 and $2.5 billion dollars for the full year.