DETROIT TheStreet) -- Chrysler reversed a year-ago third quarter loss on higher demand for its vehicles and improved cooperation with parent company Fiat. The automaker said Thursday that net income totaled $212 million in its latest quarter, compared with a net loss of $84 million in the same period a year earlier. Revenue rose 19% year-over-year to $13.1 billion.
"In the third quarter, Chrysler Group achieved increased sales and positive financial results, totally in line with the plan we laid out in November 2009," said CEO Sergio Marchionne, in a prepared statement. "This house continues to be fully focused on financial performance and making outstanding cars and trucks by fully leveraging its alliance with Fiat." Chrysler said its modified operating profit was $483 million, or 3.7% of net revenue, up from $239 million, or 2.2% of net revenue a year earlier, reflecting increased sales volume and improved profit and mix of vehicles, partially offset by increased advertising and industrial cost. On Wednesday, Ford ( F)
reported a pretax operating profit of $1.9 billion, excluding items. Total company revenue rose 12% to $33.1 billion. --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. >To submit a news tip, send an email to: email@example.com.