Chrysler Group LLC Achieved $0.8 Billion in Modified Operating Profit and $1.4 Billion in Free Cash Flow in 2010, Above Recently Revised Guidance
• Modified Operating Profit of $198 million in Q4 2010; total year 2010 Modified Operating Profit of $763 million exceeded recently revised guidance
• Net Loss of $199 million in Q4 2010; total year Net Loss was $652 million
• Cash at December 31, 2010 was $7.3 billion, bringing total available liquidity to more than $9.6 billion; Free Cash Flow for 2010 was $1.4 billion, significantly above recently revised guidance
• Company provides full-year 2011 guidance
Chrysler Group LLC today issued its preliminary financial results for the fourth quarter (Q4) and total year 2010.
The Company posted a Modified Operating Profit of $198 million in Q4 2010 and $763 million for total year 2010. The Q4 2010 operating performance, in comparison to Q3 2010, was driven primarily by improved mix and pricing, industrial efficiencies and improved quality, more than offset by lower volumes, increased advertising investment and higher launch costs.
Sergio Marchionne, Chief Executive Officer of Chrysler Group LLC stated, “As Chrysler Group’s brand displays at the Detroit auto show confirmed, the Company has lived up to its promise to launch 16 all-new or significantly refreshed vehicles in the past 12 months. All of these vehicles bear testimony to Chrysler’s rebirth. Given the positive comments we have received to date, it can safely be said that what Chrysler delivered last year, on both the product and financial fronts, surpassed many expectations.
“However, our job is not yet done. We have a lot of work ahead to fulfill our five-year business plan objectives,” said Marchionne.
Please see the attached files on the right for the full news release and presentation.