Daimler's Third-Quarter Net Profit Slumps
German auto maker Daimler AG (DAI.XE) said Friday that net profit fell in the third quarter, as restructuring costs and recalls offset sales increases.
Net profit fell to 2.18 billion euros ($2.58 billion) from EUR2.60 billion a year ago, while earnings before interest and taxes declined 14% to EUR3.46 billion--slightly below analysts' expectation of EUR3.5 billion, according to FactSet.
Revenue beat expectations, rising to EUR40.81 billion from EUR38.60 billion, compared with the consensus forecast of EUER40.64 billion.
Daimler, which produces the Mercedes-Benz brand of luxury cars, confirmed its guidance for 2017. The company expects revenue to increase significantly and Ebit to grow across most units, but sees a slight decline in its bus business.
Write to Max Bernhard at Max.Bernhard@dowjones.com; @mxbernhard
(END) Dow Jones Newswires
October 20, 2017 02:32 ET (06:32 GMT)