Chrysler Narrows Loss in Second Quarter

Chrysler says Monday morning that it has reduced its second-quarter net loss to $172 million, compared with net loss of $197 million in the first quarter.

Author:
Andrea Tse
Publish date:
Aug 9, 2010 8:02 AM EDT

NEW YORK (TheStreet) -- Chrysler said Monday morning that it has reduced its second-quarter net loss to $172 million, compared with net loss of $197 million in the first quarter, one year after resurfacing from bankruptcy protection.

Meanwhile, net revenue in the second quarter rose to $10.5 billion, up 8.2% from the first quarter. During the second quarter, the company had worldwide vehicle sales of 407,000 units, an increase of 22% compared with the previous quarter, with all brands posting gains.

U.S. market share improved to 9.4% from 9.1% the previous quarter. In addition, Canadian market share was at 12.9% due to sales increasing 32% from the first quarter.

Chrysler said it is reiterating its full-year guidance range of $40 million to $45 billion in net revenue and operating profit of breakeven to $0.2 billion.

Still, the company anticipates the possibility of an upwards revision on full-year guidance based on third-quarter results.

Fiat SpA has been running Chrysler since the company emerged from bankruptcy protection in June of last year.

The Italian automaker had taken a 20% stake in the company as Chrysler filed for Chapter 11 reorganization.

-- Reported by Andrea Tse in New York

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