FULL-YEAR MODIFIED OPERATING PROFIT GREW 10 PERCENT TO $3.5 BILLION
FREE CASH FLOW FOR THE YEAR GREW 57 PERCENT TO $3.3 BILLION
- FCA US full-year 2014 net income was $1.2 billion, including $1.2 billion of unfavorable effects from infrequent items; full-year 2013 net income was $2.8 billion, including net favorable effects from infrequent items totaling $938 million
- Adjusted net income(a) for the year increased 31 percent to $2.4 billion, from $1.8 billion in 2013
- Net revenues for the year were $83.1 billion, up 15 percent from a year ago
- Modified operating profit(b) grew 10 percent to $3.5 billion for the year, from $3.2 billion a year earlier
- Free cash flow(e) for the year was $3.3 billion, compared with $2.1 billion a year ago
- Cash(d) as of Dec. 31, 2014, was $14.5 billion, up from $13.3 billion at Dec. 31, 2013
- Net industrial cash(f) at the end of the year was $1.8 billion, compared with $1 billion at the end of 2013
- Worldwide shipments were 2.9 million vehicles for the year, up 12 percent from 2.6 million vehicles a year ago
- Worldwide sales for the year were 2.8 million vehicles, up 15 percent from 2.4 million vehicles a year ago
- U.S. market share was 12.4 percent for the year, up from 11.4 percent a year ago; market share in Canada was 15.4 percent for the year, up from 14.6 percent a year ago
FCA US LLC, formerly Chrysler Group LLC, today reported preliminary full-year 2014 net income of $1.2 billion, including $1.2 billion of unfavorable infrequent items.The result compares with net income of $2.8 billion in 2013, when the Company realized a net favorable effect from infrequent items, including a benefit of $962 million related to the release of valuation allowances on deferred tax assets.
Adjusted net income for 2014 was $2.4 billion, up 31 percent from $1.8 billion in 2013. For 2014, adjusted net income excludes a $504 million loss on extinguishment of debt related to the prepayment of a note held by the UAW Retiree Medical Benefits Trust (VEBA Trust Note) and a $672 million charge for commitments associated with the January 2014 memorandum of understanding signed with the UAW.
Net revenues were $83.1 billion for the year, up 15 percent from $72.1 billion in 2013. The year-over-year improvement was driven by increased shipments of vehicles such as the Jeep Cherokee and Ram pickups.
