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post #1 of 5 (permalink) Old 07-30-2004, 05:35 PM Thread Starter
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Chrysler helps DaimlerChrysler boost Q2 results

From Automotive News:

Chrysler helps DaimlerChrysler boost Q2 results
Reuters / July 29, 2004

FRANKFURT -- A turnaround at U.S. arm Chrysler helped DaimlerChrysler AG boost second-quarter operating profit to 2.1 billion euros ($2.53 billion), the world's fifth-biggest carmaker said on Thursday.

It upgraded its full-year outlook saying it expected "significant improvement" in operating profit excluding one-off factors even though its flagship Mercedes Car Group no longer expected to match 2003 earnings, as it had forecast in April.

Chrysler, long a problem child at the group, swung to an operating profit of 516 million euros thanks to a rejuvenated product line-up supported by a U.S. economic rebound.

The division reiterated its forecast of "considerable positive earnings" in 2004 despite generous and margin-eroding incentives that U.S. carmakers are using to entice customers.

DaimlerChrysler's group operating profit beat the second-quarter forecast of 1.87 billion euros on average from a Reuters poll of 22 analysts.

Helped by Chrysler and its market-leading commercial vehicles business, group sales rose nine percent to 37.07 billion euros in the quarter, versus a forecast for 35.13 billion.

Net profit rose more than fivefold to 554 million euros, but trailed the Reuters forecast of 820 million.

MITSUBISHI A DRAG

The company said losses at its Japanese ally Mitsubishi Motors Corp. hit its bottom line by almost 500 million euros in the quarter.

DaimlerChrysler in April pulled the plug on further financial aid to Mitsubishi, and it said new accounting treatment for its remaining 24.7 percent stake meant the holding would no longer hit operating earnings.

Daimler's flagship Mercedes Car Group reported operating profits slipped 18 percent on sluggish car sales, high costs for launching new products and amid efforts to improve quality.

The division's quarterly operating profit slipped to 703 million and it said it now expected its full-year earnings to decline rather than hold steady.

Mercedes, which this month sealed an agreement with its workforce to save 500 million euros in labor costs in Germany, hopes new models will boost profit significantly by 2006.

Earlier, its supervisory board named turnaround expert Eckhard Cordes -- a company veteran who had been head of its trucks and buses business -- to succeed outgoing Mercedes chief Juergen Hubbert as of October.

DaimlerChrysler's commercial vehicles division more than doubled second-quarter operating earnings, after rivals such as Volvo ratcheted up European market forecasts due to renewed demand in the highly cyclical industry.
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post #2 of 5 (permalink) Old 07-30-2004, 10:18 PM
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The 300C has really made a HUGE impact!



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post #3 of 5 (permalink) Old 07-30-2004, 10:43 PM
 
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The 300C has really made a HUGE impact!

The 300 in general. I've seen more 300s in other trims levels than I have the 300C.
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post #4 of 5 (permalink) Old 07-31-2004, 11:03 AM
 
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The 300's and the Durango really helped Chrysler turn in a nice profit. It is only gonna get better with the Magnum and the new Dakota being released in the fall. I heard they also redesigned the Dodge Avenger and Sebring models for next year so that should be an added boost aswell.

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post #5 of 5 (permalink) Old 07-31-2004, 04:41 PM Thread Starter
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Got the oil changed today in the wife's Concorde and the dealer had one 300 touring model. It had a deposit on it and they told me that right now, they're pretty much gone within 2-3 days. They're getting around 7 a week right now and NO Hemi's.

Almost all the Magnums are SXT's. They sold a blue R/T and have one Inferno Red R/T Magnum in stock.

They have a bunch of deposits on Hemi Magnums and 300C's but are sweating the lack of availability.
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