Chrysler 4Q net earnings rise on strong sales, one-time tax benefits - InfoNews

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Chrysler 4Q net earnings rise on strong sales, one-time tax benefits

FILE - In this Monday, Jan. 13, 2014, file photo, a Chrysler 200 sedan drives on stage at its introduction, at the North American International Auto Show in Detroit, Mich. Chrysler reports quarterly financial results before the market open on Wednesday, Jan. 29, 2014. (AP Photo/Tony Ding)
January 29, 2014 - 3:08 AM

DETROIT - Chrysler Group's fourth-quarter net income more than quadrupled to $1.62 billion, aided by $962 million in one-time tax benefits.

Without the benefits, the company made $659 million, still 74 per cent more than a year ago.

Chrysler's performance helped to prop up Fiat, its Italian owner, which made 252 million euros ($345 million) excluding one-time items. Without earnings from Chrysler, Fiat would have lost 235 million euros ($321 million).

Fiat owned 58.5 per cent of Chrysler last year. It has since bought the rest from a trust fund that pays health care bills for union retirees.

Chrysler's 10th-straight profitable quarter came because of strong U.S. sales of Ram pickups and Jeep Grand Cherokees.

For the full year, Chrysler made $1.8 billion excluding tax benefits, its best performance since leaving bankruptcy in 2009.

News from © The Associated Press, 2014
The Associated Press

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