Chrysler Corp. reported Friday that its fourth-quarter earnings fell 27 percent, less than expected, as it idled factories to convert to new models and offered discounts to fend off new competition for its mini-vans and other vehicles.
The No. 3 automaker said profit before special items fell to $792 million, or $1.19 per diluted share, from $1.09 billion, or $1.51 per diluted share, a year earlier. The results topped analyst estimates.
Including one-time items, Chrysler earned $852 million, or $1.28 per share, up 6 percent from $807 million, or $1.12 per share. Revenue for the quarter rose to $17.5 billion from $16.2 billion.
For the year, Chrysler earned $2.8 billion, or $4.09 a share, down from $3.5 billion, or $4.74 a share, in 1996. Revenue for the year slipped to $61.1 billion from $61.4 billion.
