Daimler: posts third-quarter profit above expectations

(CercleFinance.com) - Daimler has seen a faster than expected market recovery, citing a "particularly strong" September performance, and posted third-quarter results that were above market expectations.


According to preliminary figures, the maker of Mercedes-Benz cars and trucks made earnings before interest and tax (EBIT) of 3.1 billion euros in the past quarter, compared to a consensus of about two billion euros.

EBIT at the Mercedes-Benz Cars unit was 2.1 billion euros, versus a consensus of 1.3 billion euros, while EBIT from trucks and buses reached 541 million euros, compared with a consensus of 350 million euros.

In a statement, Daimler said earnings were helped by cost discipline, cash preservation measures and further efficiency gains.

Daimler shares jumped almost 5%, the biggest gainer in Germany's DAX index, after the report.

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