Plus   Neg

Daimler AG FY19 EBIT Plunges; Stock Dips

Shares of Daimler AG (DDAIF.PK) were losing around 1 percent in the morning trading in Germany after the automaker reported Wednesday that its fiscal 2019 preliminary Group earnings before interest and tax or EBIT was 5.6 billion euros, sharply lower than 11.1 billion euros recorded in fiscal 2018.

The company said the results exclude anticipated additional expenses for ongoing governmental and court proceedings and measures relating to Mercedes-Benz diesel vehicles in various regions and markets. These expenses are expected to be around 1.1 billion euros to 1.5 billion euros, and will essentially have a negative impact at Mercedes-Benz Cars and Mercedes-Benz Vans.

The Return on Sales or RoS of the division Mercedes-Benz Vans will be below the current forecast of minus 15 to minus 17%.

Mercedes-Benz Cars' full-year EBIT would be 3.7 billion euros, sharply lower than 7.2 billion euros. Mercedes-Benz Vans expects EBIT loss of 2.4 billion euros, compared to a profit last year.

Daimler will publish fourth quarter and fiscal 2019 results on February 11.

In Germany, Daimler shares are currently trading at 45.91 euros, down 1.06 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Walt Disney Co. plans to lay off 28,000 theme park employees in U.S., as the coronavirus pandemic continues to affect its businesses. The layoff will affect about 67 percent of part-time employees. JPMorgan Chase & Co (JPM) agreed to pay a total of $920 million in penalty to settle U.S. investigations into the company's alleged manipulation of metal and treasuries markets. Elon Musk, the founder and CEO of Space Exploration Technologies, or SpaceX, said the aerospace company is planning to list its space internet venture, Starlink, after many years when revenue growth is smooth and predictable. In a tweet, Musk said, "We will probably IPO Starlink, but only several years in the future when revenue growth is smooth & predictable. Public market does *not* like erratic
Follow RTT