Chrysler profits soar to 13-year high

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The stock market rose today as Chrysler Corp. reported its best quarterly profit in 13 years.

The company earned $473 million in the first quarter, as its U.S. sales rose 39 percent from January through March. The firmโ€™s sales were led by Ram pickups, Jeep Grand Cherokee SUVs and Chrysler 200 sedans.
Chrylserโ€™s quarterly profit more than quadrupled from the a year earlier, and it was the best performance since the third quarter of 1998, when Chrysler earned $682 million during the pickup truck and SUV boom.
โ€œI have no bad news to tell you.โ€ Chrysler CEO Sergio Marchionne said today, adding that trends for the rest of year looked positive.
Chryslerโ€™s revenue for the quarter rose 25 percent to $16.4 billion.
The company is optimistic about this year, repeating a forecast that it would make $1.5 billion in 2012.
Total car and truck sales in the United States are running at an annual rate of 14 million so far this year, up from last yearโ€™s 12.8 million. The average age of vehicles on U.S. roads is nearing 11 years, and pent-up demand is helping sales.
With the news, the Dow Jones Industrial Average climbed by about 60 points this morning.

 

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