Mercedes-Benz Q1 Profit Rises; Backs FY22 Outlook - Quick Facts

German automotive giant Mercedes-Benz Group AG (DDAIF.PK, DMLRY.PK), previously Daimler AG, reported Wednesday that its first-quarter net profit from continuing operations grew 3 percent to 3.59 billion euros from last year's 3.47 billion euros.

Earnings per share were 3.26 euros, up from 3.18 euros last year.

Group EBIT rose 11 percent from last year to 5.23 billion euros.

Earnings were impacted by a 918 million euros gain from the sale of Canadian own retail operations and the partial sale of MB Grand Prix, which nearly offset 709 million euros in expenses tied to adjustments of industrial business activities in Russia and 281 million euros in expenses related to diesel vehicles.

Adjusted EBIT increased 19 percent from last year to 5.30 billion euros.

Revenue for the quarter increased 6 percent to 34.86 billion euros from last year's 32.88 billion euros.

The results were benefited by pricing power, the sharpened focus on top-end vehicles and premium vans, combined with ongoing cost discipline. Meanwhile, COVID-19 pandemic, semiconductor supply-chain bottlenecks and war in Ukraine continued to impact business.

Looking ahead for fiscal 2022, the company continues to expect revenue slightly above 2021 and EBIT at the prior-year level.

Mercedes-Benz said it expects supply constraints related to semiconductors and other industrial upstream products and the COVID-19 pandemic to impact business for the remainder of 2022.

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