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CHRYSLER REPORTS FIRST QUARTER RESULTS

 HIGHLAND PARK, Mich., April 19 /PRNewswire/ -- Chrysler Corporation (NYSE: C) today reported an after-tax profit of $530 million, or $1.57 per common share, for the first quarter of 1993, before a one-time charge for a change in accounting principle for future health care costs.
 On a pre-tax basis before the change in accounting principle, the company reported profits of $880 million, a record for any quarter in the company's history.
 The change in accounting principle mandated by a new standard, SFAS No. 106, requires the accrual of certain retiree benefits other than pensions ("OPEB") -- primarily health-care benefits -- during the years employees provide services. Consistent with Chrysler's April 5, 1993 announcement, the recognition of the transition obligation as a one-time charge resulted in a $4.7 billion after-tax reduction in its 1993 first quarter net results.
 The net loss, including the effect of the one-time accounting charge, was $(4,153) million, or $(12.81) per common share.
 In a joint statement, Robert J. Eaton, Chairman of the Board and Chief Executive Officer, and Robert A. Lutz, President and Chief Operating Officer, said:
 "On an operating basis, this is our fourth consecutive profitable quarter. The first quarter 1993 improvement can be attributed to increased sales of Jeep Grand Cherokee, Chrysler minivans and Dodge Dakota, and the outstanding dealer and consumer response to the Dodge Intrepid, Eagle Vision and Chrysler Concorde.
 "While we are relishing the success of our new products, we are not allowing ourselves to relax. We're continuing to zero in on eliminating waste, increasing quality and driving the concepts of teamwork and continuous improvement in all facets of our business. This is our ongoing task."
 For the first quarter of 1992, the company reported a net loss of $(13) million, or $(0.07) per common share, including the one-time gain of $218 million resulting from the adoption of a new accounting standard for income taxes, an $88 million after-tax gain on the sale of a portion of the company's shares in Mitsubishi Motors Corporation, and a $(63) million after-tax loss on investments in a Canadian company with extensive holdings in the depressed North American real estate market.
 Chrysler's retail unit sales were 225,248 cars and 303,263 trucks and minivans in the United States and Canada in the first quarter of 1993, an increase of 28.2 percent and 21.9 percent, respectively, from the same period
in 1992. Strong sales also led to an 11.0 percent share of the car market for Chrysler in the U.S. and Canada in the first quarter, compared with 8.4 percent for the first three months of 1992, and a 22.9 percent share of the truck market, up from 21.9 percent a year ago.
 International sales in the first quarter totaled 21,088 units, up 29.1 percent over January - March of 1992. Chrysler sold 13,786 vehicles in Europe in the first three months of this year, an increase of 29.4 percent over the 10,651 units sold in the same period in 1992.
 Chrysler's 1993 first quarter worldwide factory unit sales were 646,381, compared with 496,190 for the comparable period of 1992, and represent an increase of 66,568 units over the fourth quarter of 1992.
 Chrysler Financial Corporation reported first quarter earnings of $37 million, before a $29 million charge for OPEB compared to $60 million reported for the first quarter of 1992 before a $51 million favorable effect of the change in accounting principle for income taxes.
 Chrysler's First Quarter Results in Tabular Form
 1st Quarter 1st Quarter
 1993 1992
 Total Sales
 and Revenues
 (Billions) $10.90 $8.19
 Earnings (Loss)
 Before Cumulative Effect
 Of Changes in Accounting
 Principles (Millions) $530 $(231)
 Net Earnings (Loss)
 (Millions) $(4,153) $(13)
 Earnings (Loss)
 per Common Share $(12.81) $(0.07)
 Dividends Declared
 per Common Share $0.15 $0.15
 Retail Unit Sales
 United States
 and Canada 528,511 430,199
 Car, Truck Share
 U.S. and Canada (pct) 15.7 13.2
 Cash,
 Cash Equivalents,
 Marketable Securities
 at end of Period
 (Millions) $5,104 $3,356
 Common Shares
 Outstanding
 at end of Period
 (Millions) 349.1 292.1
 -0- 4/19/93
 /CONTACT: Rita McKay, 313-252-8790, or Steve Harris, 313-956-3164, both of Chrysler/
 (C)


CO: Chrysler Corporation ST: Michigan IN: AUT SU: ERN

ML -- DE004 -- 7215 04/19/93 09:29 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
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