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Chrysler posts $116 million profit in Q1 2011

This morning the Chrysler Group announced their results from the first quarter (Q1) of 2011 and for the first time in a long time, there is a reason to smile as the smallest of the Big 3 posted a profit through the first three months of $116 million.

Through the first three months of 2010, the Chrysler Group posted a loss of $197 million – giving the automaker a bottom line improvement of $313 million in the past year. These friendly figures came thanks to net revenues of $13.1 billion in 2011 Q1 compared to just $9.7 billion in 2010 (a 35% increase) and modified operating profits rose from $143 million in 2010 to $477 million in the first part of 2011.

Chrysler Group and Fiat Chief Executive Office Sergio Marchionne offered the following comments on today’s big news from the “folks under the Pentastar”:
“Chrysler Group’s improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers. These results are a testament to the hard work and dedication of our employees, suppliers and dealers, all of whom are helping Chrysler create a new corporate culture built on the quality of our products and processes, and simple, sound management principles.

We remain focused on delivering great products to our customers and continuing to achieve the sales and financial targets outlined in our 2010-2014 business plan.”

Chrysler has been showing a steady improvement since the Fiat group got involved in the company with the most obvious changes coming in the way of a massively refreshed and redesigned vehicle lineup. Chrysler, Jeep and Dodge have all benefitted from the “new model love” while the tried and true Ram brand lineup has continued to move units without any vast changes. Chrysler can expect to see more success as models like the Chrysler 300 and the Dodge Journey are rebadged and sold as Lancia and Fiat models in other countries. In the meantime, things are looking up as the US consumer market continues to flock to Chrysler Group dealerships for attractive new lineup.

Other Chrysler News:
Lancia Grand Voyager caught in the Detroit area
Lancia to feature rebadged Chrysler’s in Geneva
Chrysler announces bailout loan repayment plans
Zagato honors Alfa Romeo with the Viper ACR based TZ3 Stradale
Chrysler Group sells Global Electric Motors to Polaris Industries
The 2012 Chrysler 300 S introduces America to the 8-speed transmission