CHRYSLER GROUP REPORTS FULL-YEAR 2013 NET INCOME OF $2.8 BILLION, INCLUDING A $962 MILLION NON-CASH TAX BENEFIT
Full-Year Modified Operating Profit Was $3.2 Billion, Up 9 Percent Versus the Prior Year, Fourth-Quarter Modified Operating Profit Was $1.1 Billion, Up 51 Percent From a Year Ago, Free Cash Flow for the Year Was $2.1 Billion
- Chrysler Group LLC’s full-year net income was $2.8 billion, including a $962 million non-cash tax benefit related to the release of valuation allowances on deferred tax assets; full-year 2012 net income was $1.7 billion
- Adjusted Net Income(a) for the year increased 9 percent to $1.8 billion, from $1.7 billion in 2012
- Net revenue for the year was $72 billion, up 10 percent from a year ago; fourth-quarter net revenue of $21 billion was up 24 percent versus the prior year
- Modified Operating Profit(b) increased 9 percent to $3.2 billion for the year, from $2.9 billion a year earlier; fourth-quarter Modified Operating Profit of $1.1 billion was up 51 percent from a year ago
- Free Cash Flow(e) for the year was $2.1 billion; Cash(d) as of Dec. 31, 2013, was $13.3 billion, up from $11.5 billion on Sept. 30, 2013, and $11.6 billion on Dec. 31, 2012
- The Company reported a Net Industrial Cash(f) position at a period end for the first time, with $1.0 billion at Dec. 31, 2013, an improvement from Net Industrial Debt levels of $888 million at Sept. 30, 2013, and $989 million a year ago
- Worldwide vehicle shipments were 2.6 million for the year, up 6 percent from 2.4 million a year ago
- Worldwide vehicle sales for the year were 2.4 million, up 9 percent from a year ago, driven primarily by a 14 percent increase in U.S. retail sales
- U.S. market share was 11.4 percent for the year, compared with 11.2 percent a year ago; Chrysler Group market share was 14.6 percent for the year in Canada, up from 14.2 percent a year ago
January 29, 2014 , Auburn Hills, Mich. – Chrysler Group LLC today reported preliminary full-year and fourth-quarter 2013 results. Full-year net income, including the net favorable effects of infrequent items, was $2.8 billion, up from net income of $1.7 billion a year earlier. Infrequent items for 2013 included a non-cash tax benefit of $962 million related to the release of valuation allowances on deferred tax assets during the fourth quarter, and a $24 million loss on extinguishment of debt related to two debt re-pricing transactions during the year. Net income for the fourth quarter was $1.6 billion, including the net favorable effects of infrequent items of $961 million, marking the Company’s tenth consecutive quarter of positive net income.
Adjusted Net Income for the year was $1.8 billion, an increase of 9 percent from $1.7 billion a year earlier. Adjusted Net Income for the fourth quarter of 2013 totaled $659 million, up 74 percent compared with the same period a year ago.