Chrysler Group LLC, which is majority owned by Italy-based Fiat SpA (FIATY.PK), reported a surge in first-quarter preliminary net income to $473 million from $116 million a year ago, chiefly driven by its 40 percent increase in U.S. retail sales.
Quarterly revenue totaled $16.4 billion, up 25 percent from $13.1 billion in the 2011 first quarter, driven by a 25 percent period-over-period rise in shipments and positive pricing. Modified operating profit was $740 million for the recent quarter, 55 percent higher than $477 million a year earlier.
For 2012, the company expects net income of around $1.5 billion on net revenue of about $65 billion.
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by RTT Staff Writer
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