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.
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(END) Dow Jones Newswires
April 26, 2017 02:09 ET (06:09 GMT)