Sunday, Jun 26, 2016
One of America's Great Newspapers ~ Toledo, Ohio

Automotive

Chrysler reports loss of $515M in 1st quarter

AUBURN HILLS, Mich. - Chrysler Holding LLC, parent of automaker Chrysler LLC and Chrysler Financial, provided a rare look at its financials yesterday, reporting that it had a first-quarter net loss of about $515 million.

The loss was disclosed in a statement and comments by company spokesman Kevin Frazier after Daimler AG said that its 19.9 percent Chrysler stake reduced its second-quarter earnings by $584 million before interest and taxes.

Chrysler hasn't had to provide public reports on its financial results since Cerberus Capital Management LP bought 80.1 percent of the automaker in August, 2007.

Daimler reports its earnings under international standards, and its figures for Chrysler reflect the U.S. company's financial results for the previous quarter.

Chrysler Holding said that under U.S. standards, Daimler's net loss from the U.S. company would be $103 million based on the exchange rate on March 31.

Chrysler Holding's loss was roughly five times the German automaker's share, Mr. Frazier said.

Points of Interest
Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2015 Toledo Blade

To Top

Fetching stories…