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Daimler Nearly Doubles Earnings
Daimler AG's net profit soared to €2.8 billion ($3.7 billion) in the April-June period of 2013 from €1.5 billion ($2 billion) a year earlier.
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Daimler AG's net profit soared to €2.8 billion ($3.7 billion) in the April-June period of 2013 from €1.5 billion ($2 billion) a year earlier.
Quarterly revenue jumped 30% to €29.7 billion ($39.2 billion) as vehicle sales grew 6% to 605,800 units.
Earnings before interest and taxes climbed to €5.2 billion ($6.9 billion) from €2.3 billion ($3 billion) in the second quarter of 2012. The latest results were buoyed by €3.2 billion ($4.2 billion) of proceeds from the sale of Daimler's remaining 7.4% stake in Airbus maker EADS in April.
EBIT at the Mercedes-Benz Cars unit tumbled 22% to €1 billion ($1.3 billion) in the April-June period. Global volume rose 9% to 404,700 units. But the division's revenue advanced only 6% to €16.3 billion ($21.5 billion) because lower-margin small cars accounted for more the vehicle mix.
Daimler predicts its profits will improve in the second half of this year because of efficiency programs, new products and stronger global demand. The company expects western Europe's car market to begin to gradually improve in the July-December period.
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