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Chrysler Group profit up 80%, affirms 2012 outlook

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Chrysler Group LLC posted an 80-percent rise in quarterly net income on Monday on the back of stronger new vehicle sales, continuing the U.S. automaker's comeback from its 2009 bankruptcy.

Chrysler, majority owned by Italy's Fiat SpA, also reaffirmed its outlook for the year.

Net income in the third quarter rose to $381 million US from $212 million a year earlier. Net revenue increased 18 percent to $15.48 billion.

Globally, Chrysler's auto sales rose 12 percent to 556,000 vehicles in the quarter.

"We've changed the conversation at Chrysler Group," said Sergio Marchionne, chief executive of both Chrysler and Fiat.

Fiat will report its earnings on Tuesday. The Italian carmaker has pledged to also give an update on its strategy on Tuesday, particularly in Europe, where sales have slumped due the region's debt crisis.

Chrysler reaffirmed its 2012 forecast that calls for net income of about $1.5 billion on net revenue of about $65 billion.

Accounting for the full-year outlook, Chrysler expects fourth-quarter net income of about $210 million on revenue of $16.4 billion.

Fiat owns 58.5 percent of Chrysler. The remaining 41.5 percent is owned by a United Auto Workers union healthcare trust for retired Chrysler workers, which is a voluntary employees beneficiary association.

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