Daimler: posts quarterly loss, but shares rise on outlook
(CercleFinance.com) - Daimler on Thursday reported a second-quarter operating loss compared with a profit last year, as the German auto giant's sales plunged due to the corona pandemic.
The carmaker said, however, that it is now seeing the first signs of a recovery - especially at its Mercedes-Benz unit, where the group is benefiting from strong demand for high-end models and electrified vehicles.
Daimler shares are up almost 6% following this news, making it the biggest percentage winner on Frankfurt's DAX index today.
For the second quarter, Daimler posted an adjusted operating loss of 708 million euros, compared to a profit of 2.5 billion euros a year ago.
The group's total unit sales fell by 34% to 541,800 passenger cars and commercial vehicles, with quarterly revenue down 29% to 30.2 billion euros.
Daimler said it expects its operating profit (EBIT) to be positive in 2020, although lower than in the previous year.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The carmaker said, however, that it is now seeing the first signs of a recovery - especially at its Mercedes-Benz unit, where the group is benefiting from strong demand for high-end models and electrified vehicles.
Daimler shares are up almost 6% following this news, making it the biggest percentage winner on Frankfurt's DAX index today.
For the second quarter, Daimler posted an adjusted operating loss of 708 million euros, compared to a profit of 2.5 billion euros a year ago.
The group's total unit sales fell by 34% to 541,800 passenger cars and commercial vehicles, with quarterly revenue down 29% to 30.2 billion euros.
Daimler said it expects its operating profit (EBIT) to be positive in 2020, although lower than in the previous year.
Copyright (c) 2020 CercleFinance.com. All rights reserved.