Chrysler reports $690 million first quarter loss - New York News

Chrysler reports $690 million first quarter loss

Posted: Updated:
DETROIT (AP) -- Chrysler Group saw big sales gains in the first quarter thanks to the new Jeep Cherokee and Ram pickup, but its results were overshadowed by charges related to its merger with Italian automaker Fiat SpA.
 
Chrysler lost $690 million in the January-March period. Without one-time charges related to the merger, the company's net income more than doubled to $486 million.
 
In January, Fiat paid $3.65 billion to a union-run health care trust to acquire Chrysler's remaining shares. As part of the deal, Chrysler agreed to pay $700 million to upgrade its factories.
 
Auburn Hills, Michigan-based Chrysler took a $672 million charge in the first quarter to meet those commitments. It also booked a $540 million non-cash loss on extinguishment of debt related to the merger.
 
Revenue rose 23 percent to $19 billion.
 
Worldwide vehicle sales jumped 10 percent to 621,000.
 
In the U.S., Chrysler's biggest market, the company's sales rose 11 percent, far outpacing the 1 percent average gain for the industry.
 
Chrysler saw strong sales of the new Jeep Cherokee SUV, which went on sale at the end of last year. Ram pickup truck sales were also up 25 percent in the U.S.

  • Local NewsLocal NewsMore>>

  • Child, 3, hospitalized after falling from second-story window

    Child, 3, hospitalized after falling from second-story window

    Monday, September 1 2014 11:31 PM EDT2014-09-02 03:31:18 GMT
    A 3-year-old child is receiving treatment at St. John hospital after falling from a second-story window in Detroit this weekend.
    A 3-year-old child is receiving treatment at St. John hospital after falling from a second-story window in Detroit this weekend.
  • Boy, 5, thrown from father's dirt bike and run over

    Boy, 5, thrown from father's dirt bike and run over

    Monday, September 1 2014 11:18 PM EDT2014-09-02 03:18:50 GMT
    Residents inside Northport Apartments in Macomb Township say that Sunday afternoon they saw a 27-year-old neighbor riding a dirt bike with his 5-year-old son along busy Garfield Road.Neighbors say they've seen him riding before -- but this time he had his child with him."The first thing that caught my eye was he was riding in his dad's lap," neighbor Tim Hale said. "And they were weaving throughout drainage ditches which are pretty steep." Macomb County sheriffs say the small, orange dirt bik...
    Residents inside Northport Apartments in Macomb Township say that Sunday afternoon they saw a 27-year-old neighbor riding a dirt bike with his 5-year-old son along busy Garfield Road.Neighbors say they've seen him riding before -- but this time he had his child with him."The first thing that caught my eye was he was riding in his dad's lap," neighbor Tim Hale said. "And they were weaving throughout drainage ditches which are pretty steep." Macomb County sheriffs say the small, orange dirt bik...
  • Flooding, power outages from latest round of storms

    Flooding, power outages from latest round of storms

    Monday, September 1 2014 10:14 PM EDT2014-09-02 02:14:26 GMT
    More flooding and power outages are being reported after the latest batch of storms.
    More flooding and power outages are being reported after the latest batch of storms.
  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices