Daimler: second-quarter profit down as tariffs hit
(CercleFinance.com) - Daimler reported a weaker second-quarter operating profit on Thursday as temporarily weaker pricing including tariffs hit performance.
Earnings before interest and tax (EBIT) dropped to 2.6 billion euros in the three months through the end of June, significantly below the prior-year figure of 3.7 billion euros.
In the April-June period, Daimler sold a total of 833,000 cars and commercial vehicles worldwide, up 1% from 822,500 in the prior-year period.
Daimler's automotive business Mercedes-Benz Cars sold 1 per cent fewer vehicles (590,700 vehicles) in the second quarter, with EBIT down at 1,9 billion euros from 2.4 billion euros one year earlier.
Daimler affirmed its outlook for 2018, saying it saw full-year revenue increasing "slightly" this year.
Investors seemed to welcome the report: shares in Daimler were up 1.1% at 58.5 euros in morning trade.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Earnings before interest and tax (EBIT) dropped to 2.6 billion euros in the three months through the end of June, significantly below the prior-year figure of 3.7 billion euros.
In the April-June period, Daimler sold a total of 833,000 cars and commercial vehicles worldwide, up 1% from 822,500 in the prior-year period.
Daimler's automotive business Mercedes-Benz Cars sold 1 per cent fewer vehicles (590,700 vehicles) in the second quarter, with EBIT down at 1,9 billion euros from 2.4 billion euros one year earlier.
Daimler affirmed its outlook for 2018, saying it saw full-year revenue increasing "slightly" this year.
Investors seemed to welcome the report: shares in Daimler were up 1.1% at 58.5 euros in morning trade.
Copyright (c) 2018 CercleFinance.com. All rights reserved.