|Tax benefits drive up Chrysler 4Q net earnings||| Print ||
|Written by Associated Press|
|Wednesday, 29 January 2014 07:29|
DETROIT (AP) — Chrysler Group's fourth-quarter net income more than quadrupled to $1.62 billion, aided by $962 million in one-time tax benefits.
Without the benefits, the company made $659 million, still 74 percent more than a year ago.
Chrysler's performance helped to prop up Fiat, its Italian owner, which made 252 million euros ($345 million) excluding one-time items. Without earnings from Chrysler, Fiat would have lost 235 million euros ($321 million).
Fiat owned 58.5 percent of Chrysler last year. It has since bought the rest from a trust fund that pays health care bills for union retirees.
Chrysler's 10th-straight profitable quarter came because of strong U.S. sales of Ram pickups and Jeep Grand Cherokees.
For the full year, Chrysler made $1.8 billion excluding tax benefits, its best performance since leaving bankruptcy in 2009.
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