Chrysler Group forecasts 11% rise in 2014 revenue image

Chrysler Group LLC, which is now fully owned by Fiat SpA, on Wednesday, said its revenue would rise 11 % to about $80 billion in 2014.

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.

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.

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.

Via Reuters