Chrysler Makes $452 Million Stock Buy-Back in Third Quarter

10/16/96

Reuters has reported that Chrysler Corporation announced on Monday that it bought back $452 million worth of common stock during this year's third quarter. The buy-back raises Chrysler's total repurchases to $1.57 billion for the year.

Chrysler announced the buy-back when it announced its third quarter results. The company said it repurchased 15.8 million shares during the quarter, for a total of 51.9 million shares during the first nine months of the year. The company's board has authorized the repurchase of $2 billion of common stock for 1996 and another $1 billion in 1997.

Chrysler Chairman Robert Eaton claimed "outstanding" performance for the third quarter, with a net income of $680 million, or $0.93 per fully diluted share--including a charge of $55 million, or $0.07 a share, for early retirements. Chrysler noted that the launch of its new minivans cost it $354 million during the quarter, or $0.45 per fully diluted share.

Click here to see the full text of Chrysler's press release announcing third quarter earnings, including Robert Eaton's commentary.

Paul Dever -- The Auto Channel