Daimler: shares open up 2% after 'good' third quarter

(CercleFinance.com) - Daimler shares opened up 2% on Friday after the German auto carmaker posted a 19% rise in net profit for the third quarter.


Net profit jumped to more than 2.1 billion euros from 1.8 billion euros in the third quarter of 2019, the group said, while adjusted EBIT - a measure that reflects the underlying business - rose to 3.5 billion euros - from 3.1 billion euros a year ago.

This "good performance" was fueled by improving markets, combined with cost discipline and cash-preservation measures, Daimler said in a statement this morning.

The group's total unit sales decreased by 8% to 772,700 cars and commercial vehicles in the quarter, with sales of luxury unit Mercedes-Benz down just 4% at 673,400 units, it said.

Revenue in the past quarter slipped by 7% to 40.3 billion euros, the auto giant added.

Daimler also said it expects flat full-year 2020 EBIT, which prompted a 2% rise in its shares on Friday morning on Germany's DAX blue-chip index.

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