Chrysler posts financial results, loses $197 million in first quarter

Chrysler just released its first financial report since emerging from bankruptcy last year. The company announced that while it's still operating at a net loss of around $197 million, it somehow managed to create $1.5 billion in cash during the first three months of 2010. That cash, along with an additional $7.4 billion from past cash reserves, went toward putting a dent in the company's remaining debt.

The smallest of the Big Three also managed to increase its market share one percent compared to the last three months of 2009. What's more, it produced a whopping 56 percent more vehicles in North America from January to March than it did during the same period last year, despite seeing sales decline by 5.3 percent. That bump in production is largely thanks to the fact that Chrysler idled many of its plants through 2009.

The company says that despite the loss, it's still on track to meet its goals and return to profitability by the end of this year. That's due to the fact that revenue increased by around $300 million from the fourth quarter of 2009 to the first quarter of 2010 and that the company is continuing to reduce its debt. At the same time, a rash of new models, including the long awaited 2011 Jeep Grand Cherokee will be hitting the market soon.


[Source: Chrysler via Freep]