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Daimler Q1 Preliminary EBIT Declines

German automaker Daimler AG (DDAIF.PK) reported that its first-quarter preliminary group EBIT plunged to 617 million euros due to COVID-19 pandemic. Adjusted EBIT was 719 million euros, lower than 2.31 billion euros in the last year.

Mercedes-Benz Cars & Vans EBIT was 510 million euros, while Daimler Trucks & Buses EBIT was 247 million euros and Daimler Mobility EBIT totaled 58 million euros.

Given the anticipated market development and the assessment of divisions, the company expects total unit sales and revenue for 2020 to be lower compared to last year with lower unit sales at each of Mercedes-Benz Cars, Mercedes-Benz Vans, Daimler Trucks and Daimler Buses.

For the financial year 2020, the company also expects group EBIT to be below prior year and adjusted return on equity of Daimler Mobility will not reach the prior year level.

The company noted that the decline in the results will lead to a decline in Industrial Free Cash Flow for 2020.

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