Daimler confident for full year after slower Q2



German luxury carmaker Daimler reported a record net profit in the second quarter Wednesday after slight growth over 2016's figure, pushing it to confirm forecasts for the full year.
Net profits for the Mercedes-Benz maker increased 0.4 percent in the second quarter compared with same period in 2016, reaching 2.44 billion euros ($2.83 billion) -- slightly short of predictions from analysts surveyed by Factset.
Revenue grew 7.0 percent to reach 41.2 billion euros, while operating, or underlying profit added 15 percent to reach 3.7 billion euros.
Across the whole first six months, revenues increased 9.0 percent compared with 2016, to almost 80 billion euros, while operating profit grew 43 percent to reach 7.8 billion.
Looking to the group's different divisions, Daimler's flagship Mercedes-Benz cars increased unit sales 9.0 percent in the second quarter compared with the same period in 2016, to almost 600,000 vehicles, while revenues increased 7.0 percent to 23.6 billion euros.
Operating profit at the unit -- which overtook arch-rival BMW as the world's largest luxury carmaker in 2016 -- grew 70 percent to reach 2.4 billion euros.
The group also reported growth in unit sales at its trucks, vans and buses divisions in the second quarter.
But all three units reported double-digit falls in operating profit compared with the same period in 2016.
Nevertheless, Daimler remained confident of meeting its full-year forecasts of "significant" increases in both revenue and operating profits.
© 2017 AFP
Daimler confident for full year after slower Q2 Daimler confident for full year after slower Q2 Reviewed by Alexander Von Stern on 00:26:00 Rating: 5