The pig was out at Chrysler and so was the red lipstick. The floundering US car company presented the case that its $197 million loss in the first quarter was perfectly fine.The firm also said that revenue was up 3% for the fourth quarter of last year to $9.687 billion, leaving aside comparisons with the same period a year ago.
Chrysler said it had an operating profit for the period of $143 million based on what it called “A reconciliation of U.S. GAAP Net Loss to Modified EBITDA and Operating Loss for the period from January 1, 2010 to March 31, 2010.” GAAP doesn’t mean much any more.
“Worldwide vehicle sales were 334,000 units for Q1 2010, compared to 318,000 in Q4 2009. Improved sales were driven by the Company’s U.S. market share which increased to 9.1 percent, from 8.1 percent in Q4 2009,” Chrysler said. There are a number of auto analysts who would dispute that number. Edmunds puts the Chrysler share at 8.4% in March, down from 10.8% in February and 11.8% in March 2009.
Douglas A. McIntyre