logo
  

Daimler Q1 Profit Surges, Revenue Up 10%

German automaker Daimler AG (DDAIF.PK) Friday posted significantly higher profits for the first quarter, with 10 percent growth in revenue, while it continues to anticipate EBIT and revenues in 2021 to be significantly above last year's level.

The Group attributed higher results to tailwinds in China, a strong product mix and favorable pricing, supported by industrial performance enhancements and cost control.

For the first quarter, net profit attributable to the shareholders of Daimler AG surged to 4.29 billion euros or 4.01 euro per share from last year's 94 million euros or 0.09 euro per share.

The Group's EBIT during the quarter was 5.75 billion euros versus 617 million euros last year. Adjusted EBIT totaled 4.97 billion euros, compared to 719 million euros a year ago.

Revenue for the first quarter rose by 10 percent to 41.0 billion euros from 37.2 billion euros, supported by favorable product mix and pricing.

With regards to the Daimler Truck spin-off, the Group said transaction and the listing on the Frankfurt Stock Exchange are well on track and expected to be complete before year-end 2021.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The 737 MAX 10, Boeing Co.'s largest 737 Max model, is taking its maiden flight today, reports said citing people familiar with the matter. The flight after months of testing and certification will be around 10 a.m. local time from the Seattle area. The schedule could change depending on weather or other factors. Meanwhile, the jetliner is expected to enter commercial service in 2023. Medical devices supplier Smiths Medical, affiliated to Smiths Group plc, is recalling certain Jelco Hypodermic Needle-Pro Fixed Needle insulin syringes with skewed graduation markings, the U.S. Food and Drug Administration said. The recall was initiated after the company became aware of specific models and lots of Jelco insulin syringes that may exhibit skewed odd number line graduation markings. Saliva-based COVID-19 testing is rolled out as a pilot for public schools in New York City. The new two-month pilot program is being implemented in about 50 New York City public schools and utilizes Fluidigm Technology to offer RT-PCR COVID-19 testing. New York City public schools have instituted mandatory random weekly testing in all reopened school buildings to ensure safer in-person learning.
Follow RTT