Chrysler Group LLC posted a second quarter operating profit of $183 million, and a first half 2010 operating profit of $326 million.
In Q2 2010, Net Revenues increased to $10,478 million representing an 8.2% improvement over the prior quarter. First half 2010 Net Revenues totaled $20,165 million.
The Q2 2010 Operating Profit improvement of $40 million, compared to Q1 2010, was driven primarily by continued volume increases, the company said. This improvement was partially offset by the impact of the Jeep Grand Cherokee changeover and moderate increases in incentive programs. Industrial costs increased due primarily to the ramp-up of ER&D expenses for the new product offensive starting in the second half of the year, partially offset by continued manufacturing efficiencies.
Worldwide vehicle sales were 407,000 units for Q2 2010, an increase of 22% compared to 334,000 units in Q1 2010, with all brands posting gains. US market share improved to 9.4% in Q2 2010 from 9.1% in Q1 2010. In addition, Canadian market share was a strong 12.9% as a result of sales increasing 32% versus Q1 2010.
Although it is holding to its earlier targeted financial metrics for the year, Chrysler said that it might upgrade its guidance for 2010 when announcing Q3 results.
Highlights of US Sales for July included:
- Jeep Brand sales (26,466 units) up 19% by volume year-on-year
- Jeep Grand Cherokee sales (5,407 units) up 54%
- Jeep Wrangler sales (10,043 units) up 121%
- Jeep Liberty sales (4,893 units) up 70%
- Dodge Challenger sales (3,695 units) up 317%
- Dodge Charger sales (6,023 units) up 126%
- Dodge Journey sales (4610 units) up 11%
- Dodge Nitro sales (2,186 units) up 96%
- Chrysler Town & Country minivan sales (8,083 units) up 18%
- Ram pickup truck sales (20,138 units) up 14%
- Ram Heavy Duty pickup truck sales up 89%
- Dodge Dakota sales (1,088 units) up 49%
- Overall, car sales were down 2%, while truck sales were up 7%