NEW YORK (TheStreet) -- Chrysler raised its full-year guidance based on "continued operating performance improvement," the automaker said Monday, in announcing its earnings.
Chrysler raised its full-year guidance to operating profit of about $700 million from its previous outlook of break-even to $200 million. Net revenue is now expected to be at about $42 billion, vs. the previously expected range of $40 billion to $45 billion.
The company said its net loss narrowed to $84 million in the third quarter from $172 million in the second quarter.
Chrysler said operating profit in the third quarter improved by about 31% to $239 million from $183 million in the second quarter, driven by better product mix and pricing from the launch of its new Jeep Grand Cherokee. This was partially offset by greater industrial costs that were seasonally related.
Third-quarter net revenue rose by about 5.2% to $11 billion from $10.5 billion in the second-quarter.
-- Written by Andrea Tse in New York.
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