(April 29, 2013) AUBURN HILLS, Mich. — Chrysler Group today reported its preliminary 2013 first-quarter results, including net income of $166 million on revenue of $15.4 billion.  As anticipated, the quarter was negatively affected by the reduced vehicle shipments that resulted from key product launches, namely the 2013 Ram Heavy Duty trucks and the 2014 Jeep Grand Cherokee, as well as preparation for the second-quarter production launch of the all-new 2014 Jeep Cherokee. 

These actions are expected to position the company for a strong performance in the second half of 2013.  The first-quarter results mark the company's seventh consecutive quarter of positive net income, reflecting continued improvements in product acceptance, pricing discipline, and market share.

Profit fell 65 percent from the $473 million posted during the same quarter of 2012. The company said its net income for the year would be about $2.2 billion, in line with earlier forecasts. Chrysler also kept its estimate for about 2.65 million vehicle shipments this year.

Chrysler said it had $11.9 billion in cash on hand, up $600 million from the $11.3 billion it reported a year ago.

“We remain on track to achieve our business targets, even as the first-quarter results were affected by an aggressive product launch schedule,” CEO Sergio Marchionne said in the statement. “This quarter underscores the importance of an unwavering commitment to execute flawless vehicle introductions to reach our full potential.”

Sources: Chrysler Group, Automotive News