Mercedes-Benz Q2 Profit Down, Revenue Rises; Lifts FY22 Outlook

German automotive giant Mercedes-Benz Group AG (DDAIF.PK, DMLRY.PK), previously Daimler AG, reported Wednesday that its second-quarter net profit attributable to the shareholders amounted to 3.11 billion euros, down from last year's 3.60 billion euros.

Earnings per share fell to 2.91 euros from 3.36 euros in the prior year that included the earnings of the former Daimler Trucks & Buses segment.

On a continuing operations basis, profit grew from 3.04 billion euros or 2.84 euros per share in the prior year.

Adjusted EBIT increased 8 percent to 4.9 billion euros.

Group revenue rose 7 percent to 36.44 billion euros from prior year's 34.12 billion euros, despite lower sales volumes.

The results reflected sustained demand for luxury vehicles and premium vans, a good model mix, enhanced pricing power and ongoing cost discipline. This was despite the COVID lockdowns, the ongoing semiconductor supply-chain bottlenecks and war in Ukraine.

Unit sales of Mercedes-Benz Cars of 487,100 vehicles in second quarter were slightly below the prior-year level. Unit sales of Mercedes-Benz Vans of 100,100 vehicles were same as last year.

As part of implementing the Mercedes-Benz 2022-2026 Business Plan, the company is investing more than two billion euros into its European production sites.

Looking ahead, the company expects demand to be greater than supply due to strong product portfolio.

For fiscal 2022, Mercedes-Benz now expects significantly higher revenues and slightly higher EBIT.

The company previously expected revenue slightly above 2021 and EBIT at the prior-year level.

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