Daimler: third-quarter profit up with strong Mercedes sales
(CercleFinance.com) - Daimler's third-quarter operating profit rose by 8% as strong sales of cars and vans supported the German company's financial performance.
Daimler said group earnings before interest and tax (EBIT) rose to 2.7 billion euros in the three months ended September, up from 2.5 billion euros a year ago.
At 1.8 billion euros, net profit rose by 3%, the carmaker said.
Revenue rose to 43.3 billion euros, from 40.2 billion euros a year ago, on third-quarter unit sales that rose by 6% to 839,300 vehicles.
The group said on Thursday that sales of Mercedes-Benz cars rose by 8% to 604,655 in the past quarter, mainly driven by demand from Germany.
The company also reiterated that it expects group revenue to grow slightly in 2019, albeit with EBIT "significantly lower than in 2018."
The market seemed to be pleased with this report. Daimler shares - which have underperformed Germany's blue-chip DAX index this year - were up 4.5% in early-morning trading.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Daimler said group earnings before interest and tax (EBIT) rose to 2.7 billion euros in the three months ended September, up from 2.5 billion euros a year ago.
At 1.8 billion euros, net profit rose by 3%, the carmaker said.
Revenue rose to 43.3 billion euros, from 40.2 billion euros a year ago, on third-quarter unit sales that rose by 6% to 839,300 vehicles.
The group said on Thursday that sales of Mercedes-Benz cars rose by 8% to 604,655 in the past quarter, mainly driven by demand from Germany.
The company also reiterated that it expects group revenue to grow slightly in 2019, albeit with EBIT "significantly lower than in 2018."
The market seemed to be pleased with this report. Daimler shares - which have underperformed Germany's blue-chip DAX index this year - were up 4.5% in early-morning trading.
Copyright (c) 2019 CercleFinance.com. All rights reserved.