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CHRYSLER REPORTS RECORD THIRD QUARTER RESULTS

 HIGHLAND PARK, Mich., Oct. 14 /PRNewswire/ -- Chrysler Corporation (NYSE: C) today announced record third quarter 1993 net earnings of $423 million, or $1.13 per primary common share. The third quarter profits were the highest third quarter ever and represent an improvement over third quarter 1992 net earnings of $202 million, or $0.62 per primary common share.
 Included in third quarter 1993 net earnings are a gain of $58 million from the previously announced July sale of Chrysler's remaining 23.3 million shares of Mitsubishi Motors Corporation stock and a favorable income tax adjustment of $51 million reflecting the impact of the new corporate income tax rate on Chrysler's deferred tax benefits. Third quarter 1992 net earnings included a $(79) million charge for the restructuring of Chrysler's car rental operations.
 Total sales and revenues for the quarter were $9.7 billion, an increase of 5.4 percent over the comparable 1992 period and a Chrysler record for any third quarter. Sales and revenues for the first nine months of 1993 were $31.6 billion, an all-time high for Chrysler, compared to $26.7 billion for the first nine months of 1992.
 Chrysler Chairman Robert J. Eaton said:
 "Despite significant downtime in some of our plants for product changeover and new product launches, third quarter 1993 was Chrysler's highest third quarter ever for pre-tax operating earnings."
 He said factors contributing to the strong third quarter were significantly reduced incentive levels, improved sales mix with new products such as the Jeep Grand Cherokee, Dodge Intrepid, Chrysler Concorde and Eagle Vision and continued dominance of the growing minivan market.
 "We are pleased with our third quarter results and the recently announced credit rating upgrades but the strong performance is not a reason for us to get complacent. In fact, we have much more to do. We have renewed our commitment to continuous quality improvement and cost reduction," Eaton said.
 "In addition, we have reached a tentative agreement with the UAW and look forward to ratification in the very near future. All of Chrysler's salaried and hourly employees have been working together to attain the outstanding third quarter results and we look forward to further improvements in our working relationship with the UAW in the years ahead."
 On Oct. 7, 1993, Chrysler also announced it will redeem $769 million of its outstanding debt prior to scheduled maturities.
 For the first nine months of 1993, the company reported a net loss of $(3,045) million, or $(9.07) per primary common share, compared to net earnings of $367 million, or $1.08 per primary common share, for the same period in 1992. Included in the results for the first nine months of 1993 is a one-time charge of $(4,683) million for a change in accounting principle for retiree health care (OPEB). Included in the net earnings for the first nine months of 1992 was the $218 million favorable effect of a change in accounting principle for taxes.
 Chrysler's retail unit sales in the third quarter were 220,922 cars and 309,979 trucks and minivans in the United States and Canada. Combined retail car and truck market share for the third quarter was 13.6 percent, up 1.1 points over third quarter 1992. Chrysler took a 9.4 percent share of the combined U.S. and Canadian car market and 20.2 percent of the combined U.S. and Canadian truck market in the third quarter 1993.
 International retail sales in the third quarter of 1993 totaled 30,676 units, up 84 percent over the prior year. Chrysler sold 17,130 vehicles in Europe in the third quarter of this year, an increase of 48 percent over the same period in 1992.
 Chrysler's worldwide factory unit sales in the first nine months of 1993 were 1,819,504, compared with l,595,634 for the same period in 1992.
 Chrysler Financial Corporation (CFC) reported third quarter 1993 net earnings of $22 million, compared to $45 million earned in the third quarter of 1992. Included in third quarter 1993 net earnings is an unfavorable tax adjustment of $16 million reflecting the impact of the new corporate income tax rate on CFC. Net earnings for the first nine months of 1993 were $74 million, compared with $205 million in the first nine months of 1992. One-time accounting principle changes included in CFC's net earnings for the nine months of 1993 and 1992 were a $(29) million charge for retiree health care costs and a $51 million favorable adjustment for a change in accounting principle for taxes, respectively.
 CHRYSLER CORPORATION
 Nine Nine
 3rd Quarter 3rd Quarter Months Months
 1993 1992 1993 1992
 Total Sales
 and Revenues $9.7 $9.2 $31.6 $26.7
 (Billions)
 Earnings (Loss)
 Before Cumulative
 Effect of Change
 In Accounting
 Principle $423 $202 $1,638 $149
 (Millions)
 Net Earnings (Loss) $423 $202 $(3,045) $367
 (Millions)
 Earnings (Loss)
 per Common Share $1.13 $0.62 $(9.07) $1.08
 Dividends Declared
 per Common Share $0.15 $0.15 $0.45 $0.45
 Retail Unit Sales
 United States
 and Canada 530,901 455,238 1,731,684 1,417,622
 Car, Truck Share
 U.S. and Canada 13.6 pct 12.5 pct 14.9 pct 13.0 pct
 Cash,
 Cash Equivalents,
 Marketable
 Securities
 At end of Period --- --- $4,889 $4,117
 (Millions)
 Common Shares
 Outstanding
 At end of Period --- --- 352.1 292.8
 (Millions)
 -0- 10/14/93
 /CONTACT: Rita McKay or Karen Stewart of Chrysler Corporation, 313-956-2894/
 (C)


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

JG-SM -- DE005 -- 2069 10/14/93 09:30 EDT
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Date:Oct 14, 1993
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