Daimler Exceeds Market Expectations in Second Quarter
15 July 2021 - 4:02PM
Dow Jones News
By Kim Richters
Daimler AG said Thursday that results in the second quarter of
the year were above market expectations despite negative effects
from the shortage of semiconductor components.
According to preliminary figures, the German car maker's group
earnings before interest and taxes came in at 5.19 billion euros
($6.14 billion). This compared with consensus estimates provided by
the company of EUR4.12 billion and a prior-year loss before
interest and taxes of EUR1.68 billion.
On an adjusted basis, EBIT for the group came in at EUR5.42
billion, compared with a loss of EUR708 million in the same period
2020 and consensus expectations of EUR4.29 billion.
"We continue to deliver a strong financial performance in all
divisions despite the ongoing low availability of semiconductors,
which negatively impacted our production and sales in the second
quarter," said Chief Executive Ola Kallenius.
The auto maker said its Mercedes-Benz Cars & Vans division
benefited from favorable product mix, pricing and continuing cost
control, and it was able to generate double-digit margins for the
third quarter in a row. Adjusted return on sales was 12.8%,
compared with minus 1.5% in the same quarter the year earlier and
expectations of 11.5%. Adjusted EBIT at the car business was
EUR3.60 billion.
At its commercial-vehicle division Daimler Trucks & Buses,
adjusted return on sales was 8.3%, compared with minus 12.0%
year-prior and consensus of 6.9%, and adjusted EBIT came in at
EUR831 million.
Daimler will release full results for the second quarter on July
21.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
July 15, 2021 01:49 ET (05:49 GMT)
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