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Daimler AG reported first-quarter earnings well above analysts’ expectations, driven by strong demand for Mercedes-Benz vehicles, especially in China.
Interest and pre-tax group revenues were € 5.75 billion ($ 6.9 billion) in the first three months of the year, compared to analysts’ consensus estimate of € 4.96 billion. All major regions and cost savings.
“We continue to carry out our ambitions in a very promising market environment,” CEO Ola Källenius said in a statement. “Our systematic efforts to lower the break-even point of a company are becoming more and more visible.”
— Daimler AG (@Daimler) April 15, 2021
A year after the toughest times in decades for German luxury carmakers, business during this period has never been better. Both Mercedes and BMW AG reported record first-quarter deliveries due to strong industry-wide sales in the United States and Europe. Automakers’ concerns have dramatically shifted from demand to supply problems, and a global chip shortage is hampering production.
“It’s likely that Dimler’s shift to higher-margin vehicles in the light of the semiconductor shortage problem has pushed profit margins above normal levels,” said Tom Narayan, an analyst at RBC Capital Markets. It was. “BMW could announce it in advance as well-may be even better if the used car is highly exposed-and potentially VW as well.”
Global car sales in the first quarter of Mercedes increased 22% to 581,270 units, and Daimler’s key divisions announced earlier this month that shipments in China increased 60%.
Geely Automobile Holdings’ shares, which are controlled by Daimler’s largest shareholder, billionaire Li Shufu, soared 9.8% in a Hong Kong transaction on April 16. Daimler shares rose 30% this year.
Daimler will announce its full quarterly financial results on April 23.
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Daimler’s Top Profit Quotes | Transport Topics
https://www.ttnews.com/articles/daimler-profit-tops-estimates-china-leads-sales-recovery Daimler’s Top Profit Quotes | Transport Topics