DETROIT (TheStreet) -- Chrysler said first-quarter net income more than quadrupled following a 40% increase in U.S. sales.
The automaker reported net income of $473 million, compared with $116 million in the same period a year earlier. Revenue rose 25% to $16.4 billion.
|Chrysler CEO Sergio Marchionne|
"Another positive quarter -- built on sales gains that have surpassed the industry average -- is affirmation that the Chrysler team is maintaining its focus," said CEO Sergio Marchionne in a prepared statement.
The Detroit News reported Thursday that Marchionne plans to open an office in the historic Dime Building in downtown Detroit, which would house about 70 Chrysler employees in 30,000 square feet of office space. Machionne would maintain his current office at Chrysler's Auburn Hills headquarters, the newspaper said.Ford (F) is slated to report earnings on Friday, whileGM (BA) will report on May 3. -- Written by Ted Reed in Charlotte, N.C. >To contact the writer of this article, click here: Ted Reed >To follow the writer on Twitter, go to http://twitter.com/tedreednc.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV