Chrysler's rising demand for new vehicles helped generate the auto maker's first profit since 2006. Quarterly revenue rose to $13.1 billion, up from $9.7 billion thanks to an 18% jump in Chrysler vehicle sales to 394,000 units. Sales of the updated Chrysler 300 and Chrysler Sebring are expected to be higher as well.

"This is good progress, the house is in good shape," CEO Sergio Marchionne said in a conference call following the release.

"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," he added. Marchionne also serves as chief executive of Italy's Fiat.

The company has a full-year forecast projecting a net income of around $200 million to $500 million with revenue of at least $55 billion.

Chrysler also disclosed details of plans to repay billions of dollars in government loans by the summer; a key step in the car maker's goal of returning as a publicly traded company.

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Source: http://www.marketwatch.com/story/chrysler-posts-first-quarterly-profit-since-2006-2011-05-02?link=MW_latest_news