The Windsor-built Dodge Grand Caravan was among Chrysler vehicles that helped the oncestruggling automaker post its first net profit since it exited bankruptcy two years ago.

Chrysler officials cited the Caravan, which saw first quarter 2011 U.S. sales rise by 30 per cent over the same period last year, as well as the Jeep Grand Cherokee, Compass and Dodge Durango as vehicles that helped the automaker achieve a profit of US$116 million during the first three months of this year. That compares with a net loss of US$197 million over the same period last year.

"The minivans continue to do really well, if not, surprisingly well," Tony Faria, business professor at the University of Windsor, said Monday. "The market shares they're holding in Canada as well as the U.S. are just astounding."

In Canada, eight out of 10 minivans sold are either the Caravan or the higher-end Chrysler Town and Country. In the United States, Chrysler commands more than 40 per cent of the minivan segment.

During a conference call to discuss the Auburn Hills, Mich., automaker's financial results, CEO Sergio Marchionne, said the positive number indicates Chrysler is "on the right path."

Marchionne said internal records show that the last time Chrysler "made money of similar calibre was back in 2006."

First quarter revenue shot up 35 per cent to $13.1-billion, spurred by the company's 16 new and revamped models, said Marchionne. The company also reported an operating profit of $477-million in the first quarter, compared with US$143-million a year earlier.

He reiterated Chrysler's 2011year outlook, saying the carmaker aimed to post revenue of $55-billion and profit between $200-million and $500-million.

While Chrysler's U.S. market share rose slightly to 9.2 per cent from 9.1 per cent, in Canada, it jumped to 14.7 per cent from 13.7 per cent during the first quarter of 2010. "Canada continues to do well," said Marchionne. "It's a star performer within Chrysler today."

Marchionne took over the reins of Chrysler in June 2009 as part of the carmaker's alliance with Italian auto giant Fiat SpA, which currently owns 30 per cent of the company. Fiat plans to spend $1.3 billion to acquire an additional 16 per cent stake in Chrysler as it seeks refinancing of more than $7 billion in debt owed to the Canadian and U.S. governments. The transaction, which is expected to be completed by the end of June, is setting the stage for an initial public offering, expected later this year or next year.

Analysts said Chrysler has benefited from both strong leadership and product offerings.

"I don't know that there would be many executives in the world that could have done this," said Michelle Krebs, analyst with Edmunds.com.

Written off for dead during the height of the economic crisis, Chrysler has "delivered on all of its promises," said Krebs. "We at Edmunds.com have seen an increased interest in Chrysler products. For a while, we saw a lack of activity, we kind of assumed people weren't sure they were going to be in business."

The 2011 Super Bowl ad with the tag line "Imported from Detroit" created a lot of buzz for both the company and the Chrysler 200 mid-sized sedan, added Krebs.

Marchionne said producing a net profit is a morale booster for company employees.

"The mood is one of pride and comfort in knowing that we are executing according to the plan," he said.

JAPAN DISASTER A CONCERN

Despite being back in the black, Chrysler is facing some headwinds. The disaster in Japan continues to wreak havoc with the global supply chain.

"The Japanese issue has caused concern," CEO Sergio Marchionne said Monday. "Our estimate is we'll suffer a loss of between 50,000 and 100,000 vehicles for the year, 100,000 being the worst case scenario. Most of the issues will be removed by the fourth quarter of this year."

As well, soaring gas prices could hamper sales of Chrysler's lighttruck heavy product lineup. But, Marchionne said Chrysler is working on making its vehicles more fuel efficient. "We have not stood still in terms of improving the fuel efficiency of our fleet," he said. Chrysler will introduce an eight-speed transmission into the Brampton-built Chrysler 300 and Dodge Charger later this year, he noted.