Daimler: posts quarterly loss but tops estimates
(CercleFinance.com) - Daimler said on Friday that it will report second-quarter results above analysts' forecasts, helped by a better-than-expected market recovery and a strong performance in June.
The German auto giant said it expects to report an operating loss of 1.7 billion euros for the past quarter, below the consensus of a 2.1 billion euro loss.
In a brief statement, the owner of the Mercedes-Benz brand said that this has been a "complex quarter".
"We took proactive decisions on costs and spending and focused intensely on working capital management," said Ola Kallenius, chairman of its management board.
"Our systematic efforts to lower the breakeven of the company by reducing costs and adjusting capacity will need to continue," he added.
The Frankfurt-listed shares were up 4% in early morning trading after this report.
Daimler will publish its full quarterly results on 23 July.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The German auto giant said it expects to report an operating loss of 1.7 billion euros for the past quarter, below the consensus of a 2.1 billion euro loss.
In a brief statement, the owner of the Mercedes-Benz brand said that this has been a "complex quarter".
"We took proactive decisions on costs and spending and focused intensely on working capital management," said Ola Kallenius, chairman of its management board.
"Our systematic efforts to lower the breakeven of the company by reducing costs and adjusting capacity will need to continue," he added.
The Frankfurt-listed shares were up 4% in early morning trading after this report.
Daimler will publish its full quarterly results on 23 July.
Copyright (c) 2020 CercleFinance.com. All rights reserved.