{"id":415166,"date":"2011-05-02T11:29:13","date_gmt":"2011-05-02T11:29:13","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/02\/chrysler-first-profit-in-5-years\/"},"modified":"2011-05-02T11:29:13","modified_gmt":"2011-05-02T11:29:13","slug":"chrysler-first-profit-in-5-years","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/02\/chrysler-first-profit-in-5-years\/","title":{"rendered":"Chrysler: First profit in 5 years"},"content":{"rendered":"
\n

By Chris Isidore, senior writer<\/span>May 2, 2011: 7:26 AM ET<\/span><\/p>\n

NEW YORK (CNNMoney) — Chrysler Group on Monday reported its first quarterly profit since 2006, marking an important milestone in the turnaround in the U.S. auto industry.<\/p>\n

The company, which went through a federal bailout and bankruptcy in 2009, earned $116 million in the first quarter, compared to a net loss of $197 million a year ago.<\/p>\n

The last time Chrysler reported a profit was in the second quarter of 2006, when it was a unit of DaimlerChrysler.<\/p>\n

Revenue soared 35% to $13.1 billion, as both sales volume and pricing improved. The company sold 18% more vehicles worldwide.<\/p>\n

Chrysler is still privately held. The U.S. government owns nearly 9%, Italian automaker Fiat owns a controlling 30% stake and a United Auto Workers trust fund owns the majority. The company plans to again offer shares to the public later this year or early next year.<\/p>\n

The company also announced plans last week to repay $5.8 billion in loans<\/a> to the U.S. Treasury Department and another $1.7 billion to the Canadian government, which also participated in the 2009 bailout.<\/p>\n

Chrysler will raise funds from banks and private investors to come up with money to repay those loans. But the profitable first quarter left it with $9.7 billion of cash on its books, an increase of $2.5 billion from the year-ago period.<\/p>\n

Rival Ford Motor (F<\/a>, Fortune 500<\/a>) has already reported its financial results, posting its biggest first quarter profit since 1998. General Motors (GM<\/a>) is due to report on Thursday, with analysts forecasting improved profits there as well.\u00a0\"To<\/a><\/p>\n<\/div>\n

Read the rest here:
\nChrysler: First profit in 5 years<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Chris Isidore, senior writer May 2, 2011: 7:26 AM ET NEW YORK (CNNMoney) — Chrysler Group on Monday reported its first quarterly profit since 2006, marking an important milestone in the turnaround in the U.S. auto industry. <\/p>\n","protected":false},"author":0,"featured_media":415167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-415166","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nChrysler: First profit in 5 years - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/02\/chrysler-first-profit-in-5-years\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Chrysler: First profit in 5 years - 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