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Journalism of Courage
Chrysler reported a $197 million first-quarter net loss on Wednesday,but said it had an operating profit and that cash flow turned positive due to sweeping cost cuts it made during its 2009 bankruptcy.
Chrysler posted a $3.8 billion net loss from June 10,when it emerged from a US government-financed bankruptcy under management control of Fiat,through the end of 2009.
The No. 3 US automaker,Chrysler said it had ended March with $7.4 billion in cash and total available liquidity of $9.8 billion.
Chrysler said it was on track to break even on an operating basis in 2010 and meet other financial targets for the year. It expects negative cash flow of $1 billion for the full year.
The results showed the impact of sweeping cost cuts the automaker has undertaken through its US government-funded bankruptcy last year,but also underscored continuing pressure from a nonstop slide in its sales and market share.
The first full accounting of Chrysler’s financial performance as a leaner company came as across the Atlantic,Italian partner Fiat unveiled its first strategic plan since its marriage to Chrysler.
