Mercedes-Benz Cars is star earner at Daimler
Print Edition
GERMAN car and truck maker Daimler posted a 29 percent jump in quarterly core earnings at Mercedes-Benz Cars, its biggest business, surprising investors wary of an economic slowdown.
Mercedes posted its best-ever quarterly sales in the third quarter through September thanks to the release of new models and surging demand in China, Daimler said yesterday.
Carmakers selling vehicles in the United States are also benefiting from the euro’s weakening against the dollar.
Earnings before interest and tax from ongoing business at Mercedes-Benz Cars rose to 1.61 billion euros (US$2.04 billion) in the third quarter from 1.25 billion euros in the year-earlier period.
Daimler said it was sticking with its 2014 forecasts for its divisions, which also include Daimler Trucks, where quarterly core earnings rose 17 percent to 618 million euros.
“Finally some good news,” a local trader said, adding Daimler’s statement raised hopes for an increase in forecasts.
Daimler also said it would review its guidance for 2014 industrial free cash flow, a major factor for funding dividends, after the figure rose in the third quarter.
The group has said it expects full-year industrial free cash flow to fall sharply from 3.2 billion euros in 2013.
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