Chrysler Group LLC announced its preliminary financial results for the second quarter (Q2) 2011
Chrysler Group LLC announced its preliminary financial results for the second quarter (Q2) 2011, demonstrating continued improvement in its operating and financial performance. Below are some highlights of interest:
· Chrysler Group LLC Achieved Modified
Operating Profit of $507 Million in Second Quarter 2011, up 177 percent from Q2
2010; Fully Repaid Government Loans Six Years Ahead of Schedule
· Net Revenues in Q2 2011 were $13.7 billion, up 30 percent from $10.5
billion in Q2 2010
· Net Loss reported for Q2 2011 totaled $370 million compared to a Net Loss
of $172 million in Q2 2010; excluding a non-recurring $551 million charge on
the extinguishment of debt, Adjusted Net Income(a) in Q2 2011 totaled $181 million
· Modified Operating Profit(b) increased to $507 million in Q2 2011 (3.7 percent of
Net Revenues), from $183 million in Q2 2010
· Modified EBITDA(c) totaled
$1.3 billion in Q2 2011 (9.5 percent of Net Revenues), a 51 percent improvement
compared to $855 million in Q2 2010
· Cash(d) at June
30, 2011, was $10.2 billion, up $0.3 billion from March 31, 2011
· Free Cash Flow(e) for Q2 2011 was $174 million (Q2 2010 was $491 million)
· Worldwide vehicle sales in Q2 2011 increased 19 percent to 486,000
· On May 24, 2011, completed successful refinancing and full repayment of
the U.S. Treasury and Canadian government loans
· On July 21, 2011, Fiat
acquired beneficial ownership of the remaining membership interests in Chrysler
Group held by the U.S. Treasury and Canadian government