Daimler Lifts Guidance After 1st-Quarter Profit Doubles

Daimler AG (DAI.XE) on Wednesday raised its full-year earnings outlook after net profit doubled in the first quarter.

The maker of Mercedes-Benz cars now expects earnings before interest and tax and revenue to increase significantly this year, after it had earlier predicted a slight EBIT increase.

Net profit jumped to 2.71 billion euros ($2.96 billion) in the January-to-March period from EUR1.35 billion a year earlier. Revenue grew 11% to EUR38.8 billion. Earnings per share of EUR2.53 beat the consensus estimate of EUR2.22.

The Mercedes-Benz cars business achieved particularly strong earnings growth, helped by increased unit sales of the new E-Class and sports utility vehicles. The trucks division was helped by the sale of real estate in Japan. Exchange-rate effects had a positive impact on operating profit at all divisions, said Daimler.

Daimler had pre-released earnings before interest and taxes already earlier this month.

Write to Friedrich Geiger at friedrich.geiger@wsj.com

(END) Dow Jones Newswires

April 26, 2017 02:09 ET (06:09 GMT)