That was May 1, 2009. The news today:
Chrysler Group LLC today posted its first net quarterly profit since bankruptcy: $116 million for the first three months of the year.
It is a major milestone for the Auburn Hills-based automaker, which recorded a $197 million net loss for the same period in 2010. Chrysler had not recorded a profit since its June 2009 exit from bankruptcy and its tie-up with Fiat SpA.
The automaker's operating profit was $477 million in the first three months of the year, up from $143 million in the first quarter of 2010. It achieved operating profit throughout last year but ended with a net loss of $652 million — due in part to $1.4 billion in interest payments on its government loans.
Interest costs in the first quarter totaled $348 million. Chrysler has said it plans to repay the loans — part of its 2009 bailout — by June, after launching a private debt offering to secure a lower interest rate, as early as this week.
Everyone had serious doubts about Chrysler. I had serious doubts about Chrysler. But President Obama and a Democratic Congress did the right thing by saving those jobs and the company, and look what happened...
The positive financial results for the first three months of 2011 include a 35 percent increase in net revenue, to $13.1 billion. Chrysler credited its 18 percent increase in global auto sales and its ability to hold the line on incentives, plus a more profitable, stronger mix of vehicles.
"Chrysler Group's improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers," said Sergio Marchionne, CEO of both Chrysler and Fiat.
For the 2011 model year, Chrysler had 16 all-new or significantly refreshed cars and trucks. But the automaker also ramped up marketing costs in the first quarter to promote them, including a lengthy Super Bowl ad.
Chrysler has increased its market share to 9.2% from 9.1% over last year, and has increased its cash on hand to $9.9 billion - up $2.5 billion in the first quarter of '11.
Can I get an amen? Thank you Mr. President, and everyone who put in the fight to save this company. Very grateful for your effort - it certainly has paid off.