Daimler: improved outlook boosts shares
(CercleFinance.com) - German carmaker Daimer said on Friday that first-quarter profit fell 12%, although a better outlook for 2018 boosted its shares.
Group EBIT was 3.3 billion euros in the first quarter, "significantly below" the 3.8 billion euros in the first quarter of 2017, which included positive one-off items of 700 million euros, the group said.
In a reaction note, UBS analysts highlighted a "minor" EBIT miss, but said that underlying results quality and free cash flow generation were "strong."
Also, Daimler now assumes that Group EBIT in 2018 will be "slightly
higher than in the previous year," while the group was previously assuming EBIT of the same magnitude as 2017.
As a result, the shares were trading higher in Frankfurt this morning, adding 0.9% at 65.6 euros, compared to a 0.7% rise in the German blue-chip DAX index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Group EBIT was 3.3 billion euros in the first quarter, "significantly below" the 3.8 billion euros in the first quarter of 2017, which included positive one-off items of 700 million euros, the group said.
In a reaction note, UBS analysts highlighted a "minor" EBIT miss, but said that underlying results quality and free cash flow generation were "strong."
Also, Daimler now assumes that Group EBIT in 2018 will be "slightly
higher than in the previous year," while the group was previously assuming EBIT of the same magnitude as 2017.
As a result, the shares were trading higher in Frankfurt this morning, adding 0.9% at 65.6 euros, compared to a 0.7% rise in the German blue-chip DAX index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.