(February 1, 2012) AUBURN HILLS, Mich. — Chrysler Group today reported preliminary net income of $183 million for the full year 2011, up from a net loss of $652 million a year ago, exceeding the objective set in November 2009.

It marks the first annual profit since the company emerged from bankruptcy in 2009.

The fourth-quarter profit reflected a $424 million swing from a net loss of $199 million during the same quarter of 2010, Chrysler said in a report today.

Chrysler moved back into the black on the strength of a much-improved product lineup, leaner production costs, and the growing global strength of its Jeep brand and other vehicles. Chrysler sold 1.37 million light vehicles in the United States last year, a 26 percent gain in a market that advanced 10 percent.

Globally, Chrysler said it sold 1.85 million vehicles in 2011, up 22 percent from 2010. The automaker said it had sales of 479,000 units during the fourth quarter, up 28 percent from the same period a year ago.

The company’s full year net income included a $551 million loss on extinguishment of debt recognized in the second quarter of 2011, when the Company repaid its outstanding obligations to the U.S. Treasury and Canadian governments in full, with interest, six years early. Excluding the charge, adjusted net income for the full year 2011 was $734 million, exceeding the Company’s 2011 guidance and further delivering on the goals established two years ago.

For the fourth quarter, net income was $225 million, up from a loss of $199 million a year earlier, as the company continues to increase sales of its successful new and significantly refreshed vehicles.

Sources: Chrysler Group, Automotive News