Daimler: shares down after another results warning
(CercleFinance.com) - Daimler warned its second-quarter earnings would be "significantly below market expectations" on Friday, sending its stock down in Frankfurt.
Shares of the German carmaker, which have lost 2.6% so far this year, fell as much as 4.2% to 44.7 euros.
Also reassessing its earnings outlook for 2019, Daimler said it now expects Group EBIT to be significantly below prior year level. It previously expected operating profit to be "in the same magnitude" as last year.
In its statement, the group cites slower product ramp-ups and lower growth than expected in automotive markets.
Last month the company already issued their third profit warning in a year.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Shares of the German carmaker, which have lost 2.6% so far this year, fell as much as 4.2% to 44.7 euros.
Also reassessing its earnings outlook for 2019, Daimler said it now expects Group EBIT to be significantly below prior year level. It previously expected operating profit to be "in the same magnitude" as last year.
In its statement, the group cites slower product ramp-ups and lower growth than expected in automotive markets.
Last month the company already issued their third profit warning in a year.
Copyright (c) 2019 CercleFinance.com. All rights reserved.