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Daimler’s First-Quarter Net Profit Falls 32%
Daimler AG’s car and truck sales in January-March grew 7% to a record 683,900 units, and revenue increased 2% to €35 billion ($39.4 billion). But net profit dropped to €1.4 billion ($1.6 billion) from €2.1 billion in the first quarter of 2015.
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Daimler AG’s car and truck sales in January-March grew 7% to a record 683,900 units, and revenue increased 2% to €35 billion ($39.4 billion).
But net profit dropped to €1.4 billion ($1.6 billion) from €2.1 billion in the first quarter of 2015. The company blames slumping sales for its aging E- and S-Class models.
Daimler’s group earnings before interest and taxes on continuing business fell 9% to €2.7 billion ($2.4 billion). EBIT for its Mercedes-Benz Cars unit fell 24% to €1.4 billion, offsetting increases for the company’s van and commercial truck operations.
The company says first-quarter sales in China, its largest national market for Mercedes cars, climbed 24% to 108,300 units in the first quarter. Deliveries in western Europe grew 14% to 200,400 cars and SUVs. Both were record highs.
Daimler predicts a “significant” uptick in its overall vehicle sales this year, but not the 12% growth it reported for 2015.
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