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Daimler First-Quarter Earnings Mixed
Daimler AG reported lower first-quarter net income though revenue rose amid strong truck sales and record demand at its Mercedes-Benz Cars division.
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The parent company’s net income for the period ended March 31 slipped 11% to the equivalent of $2.8 billion, or $2.56 per share, compared with $3.14 billion, or $2.89, a year earlier. The company reports in euros.
Softer profit in the quarter reflected comparison with a one-off sale of real estate in Japan in the 2017 quarter by subsidiary Mitsubishi Fuso Truck and Bus Corp., which had a positive effect on earnings a year ago. Also, exchange rates were slightly negative and earnings before interest and taxes and were down at its Mercedes-Benz Vans and Daimler Buses units, according to the Stuttgart, Germany-based company.
Revenue rose 3% to $48 billion.
All of its automotive divisions contributed to its best-ever unit sales in a first quarter, with Mercedes-Benz Cars setting a quarterly record of 594,300 vehicles, up 5% from a year earlier.
Daimler Trucks posted an increase in sales of 21% to 113,800 units. Of those, the NAFTA region accounted for 40,800 vehicles, compared with 32,900 a year earlier.
Looking ahead, Daimler expects North American truck sales to post a significant increase as the market continues its ongoing recovery.
Additional growth is expected in 2018 from the new Sprinter, which will be produced in North America in the future.
