Higher sales lift Chrysler to $183M profit in 2011

Chrysler rode higher sales of Jeeps and other revamped vehicles to its first annual net income since 1997.

Unsold 2007 Grand Cherokees sit in a row at a Chrysler/Jeep dealership in the southeast Denver suburb of Centennial, Colo., on Sunday, Sept. 16, 2007. Orders to U.S. factories fell in August by the largest amount in seven months, reflecting weakness across a wide swath of manufacturing. The Commerce Department said, Thursday, Oct. 4, 2007, that orders dropped by 3.3 percent last month, even worse than the 2.8 percent decline that had been expected. The fall-off was led by a huge plunge in demand for commercial aircraft, which fell by 39.9 percent. However, orders were also weak in a number of other industries, from autos to industrial machinery and home appliances. (AP Photo/David Zalubowski)

DETROIT (AP) -- Chrysler rode higher sales of Jeeps and other revamped vehicles to its first annual net income since 1997.

The company says it made $183 million last year as revenue rose 31 percent to $55 billion.

The net income marks a huge turnaround for the once-struggling company. In 2010, Chrysler lost $652 million as it worked to revamp its aging model lineup.

The work paid off. Chrysler's global sales rose 22 percent last year, while U.S. sales were up 26 percent.

Chrysler expects the good performance to continue. The company predicts it will make net income of about $1.5 billion in 2012 as revenue rises to approximately $65 billion.

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