Mercedes-Benz Lifts 2022 View After Higher Earnings, Revenue in 2Q
July 27 2022 - 01:41AM
Dow Jones News
By Kim Richters
Mercedes-Benz Group AG on Wednesday raised some targets for the
year and said that second-quarter revenue and earnings increased
thanks to strong demand, pricing and model mix.
The German luxury-car maker said adjusted earnings before
interest and taxes rose 8% to 4.94 billion euros ($5 billion) and
revenue rose 7% to EUR36.44 billion. At the company's cars
business, adjusted return on sales for the quarter stood at 14.2%,
up from 12.8%.
The three-month results, which are for continuing operations,
were driven by strong demand, pricing and model mix, said the
company.
Mercedes-Benz lifted some of its targets for 2022 on the back of
the results. On group level, it expects revenue "significantly
above" prior-year level, up from a previous target of "slightly
above," and EBIT should come in "slightly above" last year level,
compared with a previous target of "at the prior-year level." For
its cars business, it targets adjusted return on sales at 12%-14%,
rather than 11.5%-13% expected previously.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
July 27, 2022 01:26 ET (05:26 GMT)
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