Daimler 2019 Earnings Sink; Sees Diesel-Related Expenses

Date : 01/22/2020 @ 9:04AM
Source : Dow Jones News
Stock : Daimler AG (PK) (DMLRY)
Quote : 11.625  -0.025 (-0.21%) @ 9:59PM

Daimler 2019 Earnings Sink; Sees Diesel-Related Expenses

Daimler (PK) (USOTC:DMLRY)
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   By Pietro Lombardi 
 

Daimler AG (DAI.XE) said on Wednesday that its earnings almost halved last year and it would book additional expenses of up to 1.5 billion euros related to Mercedes-Benz's diesel issue.

Group earnings before interest and taxes were EUR5.6 billion in 2019 compared with EUR11.1 billion a year earlier, the German premium car maker said. Figures are preliminary.

The results don't include expected expenses of between EUR1.1 billion and EUR1.5 billion related to Mercedes diesel issue, it said.

EBIT fell sharply at the company's Mercedes-Benz Cars business, declining to EUR3.7 billion from EUR7.2 billion a year earlier. Return on sales in the unit fell to 4.0% from 7.8%.

In the vans unit, the company had an Ebit loss of EUR2.4 billion, compared with a profit of about EUR300 million a year earlier.

The company had warned in July that the Ebit for the year would be "significantly below" the prior year level.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

January 22, 2020 03:49 ET (08:49 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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