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.
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to email@example.com. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.