AUBURN HILLS, Mich. -- Chrysler Group LLC has announced preliminary financial results for the first quarter 2011, reporting that it achieved its first quarterly net income since the company began operations in June 2009.

Net income totaled $116 million in the first quarter of 2011 compared to a net loss of $197 million in the first quarter of 2010. Modified operating profit totaled $477 million in the first quarter 2011, up from $143 million in the first quarter of 2010. Net Revenues in the first quarter were $13.1 billion, up 35 percent from $9.7 billion in the first quarter of 2010. Cash at March 31, 2011, was $9.9 billion, up $2.5 billion from Dec. 31, 2010.

“Chrysler Group’s improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers,” said Chrysler CEO Sergio Marchionne. “These results are a testament to the hard work and dedication of our employees, suppliers and dealers, all of whom are helping Chrysler create a new corporate culture built on the quality of our products and processes, and simple, sound management principles.

“We remain focused on delivering great products to our customers and continuing to achieve the sales and financial targets outlined in our 2010-2014 business plan,” added Marchionne.