Chrysler Q3 profits rise 80%, highest of the Detroit Three

Nov 5, 2012

Out of the Detroit Three, Chrysler Group reported the strongest sales increase of cars and light trucks in North America during 2012’s third quarter.

The company’s third-quarter net profit rose to $381 million, up 80% from $212 million a year ago. The profit number reflects continued sales increases for the product lineup in total, including sales of the all-new Dodge Dart, according to a Chrysler press release.

“We’ve changed the conversation at Chrysler Group,” said Sergio Marchionne, Chrysler Group LLC Chairman and CEO. “We have revamped our product lineup with such segment-defining models as the Jeep Grand Cherokee and the Chrysler 300. Critics and consumers already are responding positively to the Dodge Dart and to the 2013 Ram 1500, with its best-in-class fuel economy.”

Meanwhile, General Motor’s posted that its third-quarter revenue increased 2% to $37.6 billion compared with $36.7 billion a year ago. And Ford reported that its third-quarter operating profits climbed 11% to a record $2.16 from $1.94 billion a year earlier.

Through September, Chrysler recorded 30 consecutive months of year-over-year sales gains in the United States with a 13% increase of total U.S. sales and a 16% increase in U.S. retail sales during the third quarter. analyst Jesse Toprak said Chrysler’s performance in the U.S. stands in contrast to its Detroit neighbors GM and Ford, as reported by Larry P. Vellequette of Automotive News.

Toprak said Chrysler’s sales are up the most of any domestic automaker so far this year, and the company is simultaneously spending less money on incentives and selling its vehicles at higher transaction prices.

“These are all numbers going in the right direction,” Toprak said.