SOUTHFIELD, Mich. — Chrysler Group, the U.S. automaker now part of Fiat Chrysler Automobiles, reported third-quarter net income of $611 million as falling gasoline prices drove demand for its profitable Jeep SUVs and Ram trucks.
Chrysler, which has now made money in 12 of the past 13 quarters, has provided most of the income for its parent company. Revenue jumped 18 percent to $20.7 billion and modified operating profit rose 9.7 percent to $946 million, Chrysler said in the statement. Net income rose 32 percent from $464 million a year earlier.
Sergio Marchionne, chief executive officer of Fiat Chrysler, completed the acquisition of the U.S. automaker earlier this year to create an automaker with the global heft to compete with Volkswagen, General Motors and Toyota. Chrysler’s results have helped steady Fiat’s operations in its home European market, which is bouncing back from a two-decade low last year.
Fiat Chrysler last week reported 926 million euro ($1.18 billion) in third-quarter earnings before interest and taxes, a 7.4 percent increase from a year earlier, buoyed by sales growth in the U.S. Profit was less than the 937 million euro average of eight analyst estimates in a Bloomberg survey.
