Daimler 2020 Earnings Beat Guidance, Consensus
29 January 2021 - 7:22PM
Dow Jones News
By Cecilia Butini
Daimler AG said late Thursday that preliminary earnings for
financial year 2020 rose to beat its guidance and consensus.
The company posted earnings before interest and taxes of 6.60
billion euros ($8 billion) for the year, exceeding a
company-provided consensus of EUR5.25 billion. Daimler had
previously posted an EBIT of EUR4.3 billion for the previous
year.
For 2020, Daimler had guided for full-year group EBIT to be at
the previous year's level.
EBIT at the company's Mercedes-Benz Cars & Vans came in at
EUR5.17 billion, beating EUR3.85 billion consensus, it said.
Restructuring costs affected EBIT for EUR1.87 billion and free
cash flow for EUR301 million, Daimler said. Legal proceedings
affected EBIT for EUR164 million and industrial free cash flow for
EUR595 million, it said.
The company added that it anticipates a positive business
development in 2021 given its "successful" cost discipline which it
continued in the fourth quarter, and given expected good underlying
demand.
The company will publish further key figures for 2020 and the
fourth quarter on Feb 18, it said.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
January 29, 2021 03:07 ET (08:07 GMT)
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