Chrysler Reports First Annual Profit Since 2005

With manufacturing and new car sales increasing across the U.S., Chrysler recently reported its first annual profit since 2005, just over two years after filing for bankruptcy, CNN reports.

According to the news source, the automaker reported earnings of $183 million, following a loss of $652 million in the previous year. Chrysler includes the Dodge and Jeep brands as well.

While the quick transition from bankruptcy to profit was remarkable, the automaker added that its profits are expected to increase even further this year, with projections calling for an 18 percent rise in revenue, CNN reported.

"It is great to see that the phoenix can come out of the ashes," Thilo Koslowski, an auto analyst at Gartner Inc., told the Los Angeles Times. "Chrysler has really changed its culture. The organization is much more empowered than it has been in the past and it is coming out with exciting products."

In the U.S., Chrysler posted a 24 percent rise in auto sales, and the automaker sold a total of 1.86 million vehicles around the world, according to CNN.