Chrysler Group's first-quarter net income dropped by 65 percent year-over-year and its net revenue fell by $1 billion, the automaker reported in its preliminary first-quarter results.
Chrysler said its first-quarter 2013 net income was $166 million, down from $473 million in Q1 2012.
First-quarter net revenue was down by 6 percent year-over-year, from $16.4 billion to $15.4 billion.
Tough conditions in Europe and Latin America, as well as a slew of new-vehicle launches, hurt first-quarter revenues and income, Chrysler said in a news release.
Chrysler launched the 2013 Ram heavy-duty trucks and the 2014 Jeep Grand Cherokee and geared up for the second-quarter production launch of the 2014 Jeep Cherokee, all of which hurt profits, the company said.
Still, it's a far cry from a few years ago, and the automaker noted that the Q1 results marked its seventh consecutive quarter of positive net income.
"We remain on track to achieve our business targets, even as the first-quarter results were affected by an aggressive product-launch schedule," Chrysler Group CEO Sergio Marchionne said in a news release.
"This quarter underscores the importance of an unwavering commitment to execute flawless vehicle introductions to reach our full potential. While the task ahead this year is daunting, we remain committed to our overall targets, including a minimum shipment increase of 8 percent and a modified operating profit of $3.8 billion."
The automaker noted that international sales dropped year-over-year "due to continued economic weakness in Europe and import restrictions in Latin America."
Modified operating profit was $435 million, or 2.8 percent of revenue, down from $740 million in Q1 2012, according to the automaker.
"The decrease was attributable to reduced shipments, industrial costs related to the new-vehicle launches, and a foreign-currency-exchange loss related to the February 2013 devaluation of the Venezuelan bolivar fuerte relative to the U.S. dollar, partially offset by continued favorable net pricing in North America," Chrysler said.