Daimler Q3 Profit Up 19%; Sees 2020 EBIT At Prior-year Level - Quick Facts

Daimler AG (DDAIF.PK) reported that its third-quarter net profit rose 19 percent to 2.16 billion euros or 1.92 euros per share from last year's 1.81 billion euros or 1.61 euros per share.

EBIT for the third-quarter increased 14% to 3.07 billion euros from 2.69 billion euros in the prior year.

According to the company, the key figures reflected a good performance based on improving markets and strong products, combined with diligent cost discipline and extensive cash-preservation measures.

Daimler expects that the significant unit-sales reductions recorded in the first nine months due to the COVID-19 pandemic will only be partially offset by the end of the year.

The company expects group unit sales and group revenue in 2020 to be significantly lower than in the previous year. It expects EBIT for fiscal year 2020 at the prior-year level.

The company assumes that economic conditions in the most important markets continue to normalize and in particular that no further setbacks occur as a result of the COVID-19 pandemic.

The Group's total unit sales for the third-quarter decreased 8% to 772,700 cars and commercial vehicles. Quarterly revenue slipped by 7% to 40.28 billion euros from 43.27 billion euros in the previous year.

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