May 12, 2014 , Auburn Hills, Mich. - Chrysler Group LLC today reported preliminary first-quarter 2014 financial results. The Company recorded a net loss of $690 million for the quarter, reflecting the unfavorable effects of two significant infrequent items. Excluding the infrequent items, Adjusted Net Income for the first quarter was $486 million, up from $166 million a year ago.

Infrequent items of $1.2 billion in the first quarter included a $504 million non-cash loss on extinguishment of debt related to the prepayment of the UAW Retiree Medical Benefits Trust Note (VEBA Trust Note), and a $672 million charge for commitments associated with the January memorandum of understanding (MOU) signed with the UAW in which the union made commitments to continue to support Chrysler Group’s World Class Manufacturing (WCM) programs and actively assist in the achievement of the Company’s long-term business plan.

Net revenue was $19 billion for the quarter, up 23 percent from $15.4 billion in the prior-year period, primarily driven by an increase in vehicle shipments, including Ram pickup trucks and the all-new Jeep Cherokee.

Modified Operating Profit was $586 million in the first quarter, or 3.1 percent of net revenue, up from $435 million reported in the prior-year period. The 35 percent increase was primarily due to higher shipments and improved mix, partially offset by increased vehicle costs due to vehicle content enhancements; higher advertising costs; higher depreciation and amortization costs due to new product launches; and foreign exchange effects, including the devaluation of the Venezuelan bolivar, which accounted for a charge of $129 million in the first quarter of 2014 compared with a devaluation charge of $78 million in the first quarter of 2013.