When Chrysler reports fourth-quarter and full-year earnings on Wednesday, it likely will be cause for celebration.

The company, which nearly collapsed two years ago, is expected to report its first annual net profit since 1997.

After bankruptcy and a government bailout, the company is turning itself around. It is improving its lineup of cars and trucks, and it is cutting costs. While Chrysler Group LLC lost $42 million during the first nine months of last year, those results included a $551 million second-quarter charge for refinancing government debt. The Auburn Hills, Mich., company's fourth-quarter profit is expected to erase that deficit.

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Chrysler Expects First Annual Profit Since 1997

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