Mexican Media Brands
Daimler Sales Up, Earnings Down
Daimler AG boosted vehicle sales and revenue in the first quarter. But accounting changes shrank operating and net profits.
#economics
Share
Daimler AG boosted vehicle sales 7% to 806,900 units in January-March, and revenue rose 3% to nearly €40 billion ($48 billion).
But earnings before interest and taxes fell 13% to €3.3 billion ($4 billion), and net profit shrank 11% to €2.4 billion ($2.9 billion). Daimler attributes the drop to its adoption of new accounting standards IFRS 9 and 15 related to the treatment of pending year-end vehicle transactions.
The company’s Mercedes-Benz Cars unit posted a 5% increase to 594,300 unit sales in the first quarter, led by a record 244,200 units in Europe and a 16% jump in deliveries in China. Revenue advanced 2% to €23 billion ($28 billion). EBIT grew 3% to €2.1 billion ($2.5 billion).
Daimler’s van and commercial truck operations also report increased their first-quarter unit sales, revenue and EBIT.
The company anticipates a slight increase in car sales (and a new record) this year, mainly because of growth in China. It expects a sharp jump in van and commercial truck sales.
RELATED CONTENT
-
Global Car Market to Shrink for 2-3 Years
Global sales of light vehicles will decline year on year through at least 2021, predicts LMC Automotive at its annual outlook conference outside Detroit, Mich.
-
on the Genesis GV60 interior, EV sales in H1, Bentley Bentayga's wood work, Faurecia's advanced manufacturing & more
The strange glowing orb in the Genesis GV60. . .global EV sales in the first half. . .creating wood for the Bentayga interior. . .the importance of material handling at Faurecia. . .lux ATPs. . .fast Porsche. . .fast Lambo. . .the Avalon Hybrid. . .Silverado steel. . .
-
On Headlights, Tesla's Autopilot, VW's Electric Activities and More
Seeing better when driving at night, understanding the limits of “Autopilot,” Volkswagen’s electric activities, and more.