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Chrysler reports profit

The Chrysler comeback continues as it posted 3rd quarter profits.

Chrysler Group said today it made a profit of $212 million in the third quarter, well up from a loss of $84 million a year earlier.

The automaker, majority-owned by Italy’s Fiat, said its revenue for the quarter was $13.1 billion, up 19% from a year ago. It had $9.5 billion in cash at the end of the quarter, down from $10.2 billion a year earlier.

The earnings announcement comes just a day after Chrysler announced a new contract with the United Auto Workers union, last of the Detroit 3 to do so. That contract won approval of just 54.75% of UAW members, and a majority of the skilled-trades workers opposed it.

This is further evident that the Obama Administration’s auto bailout has worked. Chrysler is now a healthy company, and the auto industry is helping to drive the US economy.

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