Chrysler reports $690 million first quarter loss - 13abc.com Toledo (OH) News, Weather and Sports

Chrysler reports $690 million first quarter loss

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DETROIT (AP) - Chrysler Group lost $690 million in the first quarter due to charges related to its merger with Italian automaker Fiat SpA.
    
Fiat paid $3.65 billion to acquire Chrysler's remaining shares in January. As part of the deal, Chrysler agreed to pay $700 million to upgrade its factories.
    
Chrysler took a $672 million charge in the first quarter to meet those commitments. It also booked a $540 million non-cash loss to extinguish debt.
    
Without those one-time items, Chrysler would have earned $486 million, more than double the $166 million it earned in the January-March period a year ago.
    
Revenue rose 23 percent to $19 billion.
    
Worldwide vehicle sales jumped 10 percent to 621,000, as Chrysler saw strong sales of the new Jeep Cherokee SUV and Ram pickup.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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