Higher sales lift Chrysler to $183M profit in 2011

Chrysler rides higher sales to first full-year net income since 1997

Associated Press
Chrysler posts 1st annual net profit since 1997
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The Chrysler Jeep logo is displayed on 2012 Jeep Grand Cherokee on the lot of Willie Racine's Jeep on Tuesday, Jan. 31, 2012 in South Burlington, Vt. Chrysler rode higher sales of Jeeps and other revamped vehicles to its first annual net income since 1997. (AP Photo/Toby Talbot)

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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