Chrysler announced today that they have earned a profit of $507 million for the three months ending June 30th, which is a 16% increase during the same period last year. The company saw increased sales of their pickup trucks and SUVs. This is three times the earnings that Chrysler during Q1 as the company reported $166 million in profits. The Q1 earnings were low because the company was in the process of switching to new models of vehicles.
Chrysler cut their forecast for the year though. The company is expected to generate between $1.7 billion and $2.2 billion for the year. They are likely going to sell a total of 2.6 million new cars and trucks. This is down from their previous guidance for a profit of $2.2 billion and around 2.7 million new cars and trucks.
?As we have highlighted previously, the timing of product launches and capacity increases causes this year?s performance to be biased to the second half, and a continued aggressive drive for excellence and flawless execution will be essential to attain the targets we?ve set for ourselves,? stated Chrysler and Fiat CEO Sergio Marchionne.
Chrysler’s revenues increased 7% for the quarter to $18 billion, mainly because of an increase in sales of the Jeep Grand Cherokee and Ram pick-up trucks. Chrysler shipped over 660,000 cars and trucks during Q2, which is 5% more than the same period a year ago.