Daimler 1Q Earnings Dropped, Outlook Confirmed
April 26 2019 - 2:19AM
Dow Jones News
By Max Bernhard
Daimler AG (DAI.XE) said Friday that its earnings slumped in the
first quarter, but backed its guidance for the year ahead.
Net profit fell to 2.10 billion euros ($2.34 billion) in the
period from EUR2.27 billion a year earlier.
Revenue edged lower to EUR39.70 billion, from EUR39.79
billion.
Earnings before interest and taxes dropped to EUR2.80 billion
from EUR3.3 billion a year earlier. Earnings at Daimler's core
Mercedes-Benz passenger-car unit were lower due to lower unit sales
and changes in the sales structure, it said. Earnings at its trucks
division were hit by higher raw-material prices and supply-chain
bottlenecks.
Industrial free cash flow swung to negative EUR2.0 billion, from
positive EUR1.8 billion a year ago.
The maker of Mercedes-Benz cars confirmed its 2019 guidance,
expecting slight growth in unit sales, revenue and earnings.
"We had a comparatively weak start to the year and face numerous
challenges along the entire value chain in all our automotive
divisions. This had a negative impact on unit sales and earnings,"
said Chief Financial Officer Bodo Uebber.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
April 26, 2019 02:04 ET (06:04 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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