DETROIT (Reuters) - Chrysler Group LLC, which is owned by Fiat SpA
The American automaker that went through bankruptcy in 2009 and came out managed by Fiat, is now fully owned by the Italian company, which reported fourth-quarter earnings on Wednesday below expectations of analysts.
Chrysler's fourth-quarter net income of $1.62 billion, up 329 percent from the previous year, included a $962 million non-cash tax benefit related to the release of a valuation allowances on deferred tax assets.
Adjusting for the one-time benefit, Chrysler's fourth quarter net income was $659 million, compared with $378 million a year ago.
Net revenue for 2013 was $72.14 billion, up 10 percent from 2012, and was primarily driven by an increase in vehicle shipments, which rose to 2.6 million, up from 2.4 million in the previous year.
Chrysler said it expects 2014 net income to be between $2.3 billion and $2.5 billion. That compares with net income of $2.76 billion in 2013, which includes the one-time tax benefit of $962 million.
(Reporting by Bernie Woodall)