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Daimler’s First-Quarter Sales, Revenue, Earnings Slip
Daimler AG blames a long list of supply chain, production and materials cost issues for its first-quarter drop in sales and earnings.
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Daimler AG blames a long list of supply chain, production and materials cost issues for its anticipated first-quarter drop in sales and earnings.
Revenue for the period was flat at €39.7 billion ($44.3 billion). But unit sales of cars, buses and commercial trucks dropped 4% to 773,800 vehicles.
Group pretax earnings shrank 15% to €2.8 billion ($3.1 billion), and net profit dropped 8% to €2.1 billion ($2.3 billion).
First-quarter sales and revenue for the group’s Mercedes-Benz Cars unit fell 7% to 555,300 vehicles and 8% to €21.2 billion ($23.7 billion).
That decline was partly offset by gains in truck sales. Daimler Trucks increased volume 2% to 115,900 trucks and hiked its revenue 11% to €9.5 billion ($10.6 billion). Mercedes-Benz Vans saw sales rise 4% to 97,000 vehicles, and revenue climb 9% to €3.4 billion ($3.8 billion).
Daimler Financial Services posted a 3% drop to €17.3 billion ($19.3 billion) in revenue in January-March.
The group predicts slight gains in overall unit sales, revenue and operating earnings this year.
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