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Daimler Cuts FY19 Group EBIT View, Mercedes-Benz Vans' Margin Outlook

German automaker Daimler AG (DDAIF.PK) on Sunday said it now expects fiscal 2019 Group earnings before interest and tax or EBIT to be in the magnitude of the previous year.

The company previously expected Group EBIT in 2019 to be slightly higher than in the previous year.

The company noted that the Group EBIT and second-quarter earnings will reflect increase of provisions for various ongoing governmental proceedings and measures relating to Diesel vehicles by a high three digit million amount.

Daimler also reassessed expectations for the 2019 financial year for the Mercedes-Benz Vans division.

For the full year, the company now expects return on sales forecast of Mercedes-Benz Vans to be minus 2% to minus 4%. For the division, the company previously expected return on sales of 0% to 2%. The revised outlook reflects an increase in expected expenses in connection with various ongoing governmental proceedings and measures with regard to Mercedes-Benz diesel vehicles.

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