Chrysler Lowers 2013 Profit Target as Quarterly Income Rises
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Chrysler Group LLC lowered its target for full-year earnings, even after second-quarter profit climbed 16 percent on higher demand for the Jeep Grand Cherokee and Ram pickups.
Net income rose to $507 million from $436 million a year earlier, the Auburn Hills, Michigan-based automaker said in a statement today. Sales advanced 7.1 percent to $18 billion. Fiat SpA, Chrysler’s majority owner, separately today reported second-quarter profit that was better than analysts expected on reduced European spending and the increased Ram sales.