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Daimler’s Third-Quarter Net Profit Jumps 13%
Daimler AG reports its net profit in the third quarter of 2016 climbed to a record €2.7 billion ($3 billion) from €2.4 billion in the same period last year.
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Daimler AG reports its net profit in the third quarter of 2016 climbed to a record €2.7 billion ($3 billion) from €2.4 billion in the same period last year.
Revenue in July-September rose 4% to €38.6 billion ($42 billion), or 3% when adjusted for currency effects. Unit sales advanced 5% to 754,100 vehicles. Group earnings before interest and taxes jumped 10% to €4 billion ($4.4 billion).
The company credits results to strong demand for its SUV/crossovers, the successful launch of its new E-Class cars and a jump in revenue for its Mercedes-Benz Vans unit.
The Mercedes-Benz Cars unit saw third-quarter vehicle sales rise 11% to a record 565,500 units. Revenue expanded 12% to a record €23.3 billion ($25.3 billion). But demand for vehicles made by Daimler Trucks plummeted 24% to 97,100 units, largely because of a 40% drop to 31,400 units in North America.
Daimler says it expects a significant hike in its car and commercial van sales this year will offset slumping commercial truck demand to give the company a “slight” increase in overall unit sales this year. The company expects flat revenue and a small improvement in adjusted EBIT.
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