Chrysler on Wednesday said that its net revenue in the fourth quarter of 2011 grew 41 percent year-to-year to $15.1 billion, but the $424 million increase in income – $225 million versus a $191 million loss in Q4 2010 – is perhaps most important.
For the full year, Chrysler reported net income of $183 million compared with a $652 million loss in 2010. Annual revenue for 2011 increased 31 percent, to $55 billion, the company said.
As of January 2012, Chrysler Group has achieved all three performance events set forth in its Amended and Restated LLC Operating Agreement.
As a result of achieving these events, and in combination with other transactions, Fiat S.p.A. now owns 58.5 percent of the membership interests in Chrysler Group.
“The house is in good order. We are proud of the work we’ve done,” said Sergio Marchionne, Chairman and Chief Executive Officer of Chrysler Group LLC.
“Now we greet a new year of high expectations with our heads down, forging ahead and focused on executing the goals we’ve set for ourselves as a company.”
Chrysler expects an even better 2012, despite a sluggish and uncertain economy. The company, which sells most of its vehicles in the U.S., predicts it will make about $1.5 billion this year and increase revenue 18 percent.
Last year, Chrysler’s U.S. sales increased 26 percent, or more than any other major automotive manufacturer.