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Daimler’s 2Q Revenue, Earnings Fall
Daimler AG reports its vehicle sales rose in the second quarter of 2018, but earnings and profits suffered “significant” declines.
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Daimler AG reports its vehicle sales rose in the second quarter of 2018, but earnings and profits suffered “significant” declines.
Unit sales advanced 1% to 833,000 cars and commercial vehicles in April-June. But revenue dipped 1% to €40.8 billion ($47.9 billion). Net profit attributable to shareholders dropped 29% to €1.7 billion ($2.0 billion), and pretax earnings plunged 30% to €2.6 billion ($3.1 billion).
Daimler says its slump was caused by weaker pricing, including the effect of protective U.S. trade tariffs, and unfavorable exchange rates.
The company predicts that gains in truck sales and financial services will deliver a “slight” gain in group revenue this year. The carmaker expects flat unit sales and revenue from its Mercedes-Benz Cars.
Like Volkswagen AG, Daimler warns of some vehicle shortages later this year as the carmaker races to complete certification of its passenger vehicles. All models are being recertified under the new WLTP (world harmonized light-vehicle test procedure), which takes effect on Sept. 1.
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