Daimler reports third-quarter 2020 results

STUTTGART, Germany, Oct. 23, 2020 /PRNewswire/ --
Daimler reports third-quarter 2020 results

Good performance by Group and divisions, despite lower unit sales and revenue, due to improving markets, strong products and diligent cost discipline

Industrial net liquidity of a?¬13.1 billion (end of Q2 2020: a?¬9.5 billion)

Positive momentum from market and cost measures in third quarter expected to be continued in fourth quarter

Daimler expects EBIT for fiscal year 2020 at the prior-year level

Significant increase of industrial free cash flow anticipated in 2020 compared to fiscal year 2019

Daimler AG (ticker symbol: DAI) today reported its results for the third quarter, which ended September 30, 2020. The key figures reflect a good performance based on improving markets and strong products, combined with diligent cost discipline and extensive cash-preservation measures. The Group's total unit sales decreased by 8% to 772,700 cars and commercial vehicles (Q3 2019: 839,300) and revenue slipped by 7% to a?¬40.3 billion (Q3 2019: a?¬43.3 billion). EBIT increased by 14% to a?¬3,070 million (Q3 2019: a?¬2,690 million). Adjusted EBIT, reflecting the underlying business, was a?¬3,479 million (Q3 2019: a?¬3,142 million) and net profit was a?¬2,158 million (Q3 2019: a?¬1,813 million). The high free cash flow of around a?¬ 5.1 billion in the quarter reflects the continuous efforts in cost-cutting and cash-preservation measures as well as the positive operating performance across all divisions. Additional positive factors are the dividend from the Chinese joint venture BBAC of a?¬1.2 billion, positive contributions from working capital and seasonal phasing impacts. Harald Wilhelm, Member of the Board of Management of Daimler AG, responsible for Finance & Controlling/Daimler Mobility: "Our strong product portfolio and the positive market recovery drove us to a good performance. We have successfully pushed forward our comprehensive efforts regarding cost control and cash management. With this momentum, we are on track to make our business more weatherproof. However, the transformation of Daimler is a long-distance race. We are keeping up the pace with focus and full discipline."At the end of the third quarter, the net liquidity of the industrial business was a?¬13.1 billion (end of Q2 2020: a?¬9.5 billion). The free cash flow of the industrial business was at a?¬5,139 million (Q3 2019: a?¬2,819 million). The adjusted free cash flow of the industrial business was a?¬5,345 million (Q3 2019: a?¬2,931 million).
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