Chrysler Posts $1.6B Q4 Net Income

The Chrysler Group reported a net income of $1.6 billion for the fourth quarter today, aided by a one time tax gain of $962 million.

It’s quite the contrast compared to a year earlier, when Chrysler netted $378 million. Adjusted net income for the quarter was $659 million while fourth-quarter revenue saw a bump to $21.2 billion thanks in part to 25,000 Jeep Cherokees being held over past October 1 to recalibrate its transmission software.

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For all of last year, Chrysler posted net income of $2.8 billion, which is up 65 percent ($1.7 billion) compared to 2012. Adjusted net income for 2013 was $1.8 billion.

It’s the third straight year the American automaker has turned a profit while seeing a boost in U.S. market share of two-tenths of a percentage point to 11.6 percent in 2013. The automaker’s U.S. sales rose 9 percent last year and globally, Chrysler delivered over 2.6-million vehicles including those from Fiat.

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[Source: Automotive News]

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