New Jeep helps Chrysler narrow loss, boost outlook

[November 08, 2010]  DETROIT (AP) -- Chrysler says it narrowed its losses by 51 percent to $84 million in the third quarter, buoyed by strong sales of the new Jeep Grand Cherokee.

The automaker says this was the third quarter in a row of better-than-expected financial results, and it raised its forecast for 2010. Chrysler now expects to make a pre-tax profit of $700 million, up from $200 million previously.

Chrysler's revenues rose 5.2 percent to $11 billion for the quarter compared with the second quarter. The company compared results with the second quarter rather than the prior year because this was the first time since 2006 that it has reported third-quarter earnings.

The Grand Cherokee was launched in June to strong reviews. Sales were up 41 percent through October.

[Associated Press]

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