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Daimler Preliminary Q1 Results Significantly Above Market View

German automaker Daimler AG (DDAIF.PK) reported that its preliminary results for the first-quarter of 2021 significantly above market expectations, driven by higher vehicle prices and strong demand for its Mercedes-Benz cars, particularly in China.

Group earnings before interest and tax was 5.75 billion euros for the first quarter compared to analysts' consensus estimate of 4.96 billion euros.

Quarterly adjusted earnings before interest and tax was 4.97 billion euros compared to analysts' consensus estimate of 3.99 billion euros.

"Favourable sales momentum at Mercedes-Benz Cars driven by all major regions, especially China, strongly supported the product mix and pricing in the first quarter 2021," Daimler said in a statement.

Earnings before interest and tax at the Mercedes cars & vans unit was 4.08 billion euros, compared to consensus estimates of 3.54 billion euros.

Daimler will release full quarterly results on April 23.

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