Chrysler Group sees 11 percent rise in 2014 revenue to $80 billion

DETROIT Wed Jan 29, 2014 9:49am EST

1 of 2. Chrysler assembly worker Carl Kline works on a 2014 Dodge Ram pickup truck at the Warren Assembly Plant in Warren, Michigan December 11, 2013.

Credit: Reuters/Rebecca Cook

DETROIT (Reuters) - Chrysler Group LLC, which is owned by Fiat SpA FIA.MI, on Wednesday said its revenue would rise 11 percent to about $80 billion in 2014.

The American automaker that went through bankruptcy in 2009 and came out managed by Fiat, is now fully owned by the Italian company, which reported fourth-quarter earnings on Wednesday below expectations of analysts.

Chrysler's fourth-quarter net income of $1.62 billion, up 329 percent from the previous year, included a $962 million non-cash tax benefit related to the release of a valuation allowances on deferred tax assets.

Adjusting for the one-time benefit, Chrysler's fourth quarter net income was $659 million, compared with $378 million a year ago.

Net revenue for 2013 was $72.14 billion, up 10 percent from 2012, and was primarily driven by an increase in vehicle shipments, which rose to 2.6 million, up from 2.4 million in the previous year.

Chrysler said it expects 2014 net income to be between $2.3 billion and $2.5 billion. That compares with net income of $2.76 billion in 2013, which includes the one-time tax benefit of $962 million.

(Reporting by Bernie Woodall)

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Comments (1)
cynical175 wrote:
I love business accounting. you profitable and made money but you lost money. Nice double talk for the shop floor.
You predicted X amount of profit but the profit that you made is X -1% so you lost money. So instead of making 1 trillion dollars profit you only made 999 billion dollars profit.
Wall Street speaks with forked tongue as the natives used to say

Jan 29, 2014 11:03am EST  --  Report as abuse
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