DaimlerChrysler Q1 profit up

first_imgFRANKFURT, Germany – DaimlerChrysler AG said Tuesday its first-quarter profit rose even as the loss widened at the U.S. Chrysler Group it has agreed to sell to a private equity firm. The German-American automaker earned 1.97 billion euros ($2.67 billion) in the January-March period, compared with 718 million euros a year earlier. Analysts polled by Dow Jones Newswires had expected a profit $1.88 billion. Sales fell to 35.4 billion euros ($47.96 billion) from 37.4 billion euros, below the 36.63 billion euros ($49.63 billion) analysts had forecast. The Chrysler Group, which is being sold to private equity firm Cerberus Capital Management LP in a 5.5 billion euros ($7.45 billion) deal announced Monday, lost $1.98 billion before interest and taxes, compared with a profit of $857 million a year earlier. The loss was the result of $1.2 billion in restructuring charges. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more