Daimler Q3 Profit Declines; 2018 Group EBIT To Be Significantly Below Prior Year

(RTTNews) - Daimler AG (DDAIF.PK) reported that its third-quarter net profit attributable to the shareholders amounted to 1.69 billion euros compared to 2.15 billion euros, prior year. Earnings per share was 1.58 euros compared to 2.01 euros. The Daimler Group achieved third-quarter EBIT of 2.49 billion euros, significantly below its prior-year earnings of 3.41 billion euros.

Third-quarter Group revenue amounted to 40.2 billion euros compared to 40.7 billion euros, previous year. Adjusted for exchange-rate effects, revenue was at the prior-year level. From July through September, Daimler sold 794,700 cars and commercial vehicles worldwide, which is 4% below last year.

Unit sales were 559,500 vehicles by Mercedes-Benz Cars in the third quarter of 2018, significantly below the high level of the prior-year period. Mercedes-Benz Cars revenue decreased by 7% to 21.7 billion euros.

Daimler Trucks achieved unit sales of 136,100 vehicles in the third quarter of 2018, surpassing the prior-year number by 8%. Daimler Trucks revenue was 10.0 billion euros, significantly higher than in the same period of last year.

Looking forward, Daimler said it expects to slightly increase its total unit sales in the year 2018. Daimler assumes that Group revenue will increase slightly in the year 2018. Significant revenue growth is anticipated for the Daimler Trucks and Daimler Financial Services divisions, while only a slight increase is now expected at Mercedes-Benz Vans. Daimler now assumes that Group EBIT in 2018 will be significantly lower than in the previous year.

In full-year 2018, Mercedes-Benz Cars plans to achieve unit sales in the magnitude of the previous year. Daimler Trucks continues to assume that its total unit sales in the year 2018 will be significantly higher than in the previous year.
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