Mercedes-Benz Lifts 2022 Margin Target for Cars After Higher 3Q Profit
October 26 2022 - 2:06AM
Dow Jones News
By Kim Richters
Mercedes-Benz Group AG on Wednesday raised its full-year profit
margin target for the cars business after demand and pricing helped
lift third-quarter profit.
The German luxury-car maker said quarterly net profit was 3.92
billion euros ($3.91 billion), compared with EUR1.87 billion year
earlier. Adjusted earnings before interest and taxes jumped to
EUR5.34 billion from EUR3.11 billion and revenue rose 19% to
EUR37.72 billion.
At the company's cars business, adjusted return on sales for the
quarter stood at 14.5%, up from 8.8%.
The three-month results, which are for continuing operations,
benefited from "robust demand and healthy pricing for cars and
vans, as well as cost discipline," the company said.
Looking to the full year, Mercedes-Benz lifted the target range
for adjusted return on sales for its cars business to 13%-15% from
12%-14%. Car sales in the fourth quarter should come in above sales
in the same period last year, it said.
On group level, it raised its EBIT target for 2022, now
expecting earnings significantly above last year rather than
slightly above as forecast previously.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
October 26, 2022 01:51 ET (05:51 GMT)
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