Mercedes-maker Daimler see profits rebound after lockdowns
Sales revenue fell 7%.
By Associated Press Reporter
Daimler has seen profit rebound in the third quarter as the company, which makes Mercedes-Benz luxury cars and Freightliner trucks, clamped down on costs, and sales recovered after the coronavirus lockdowns of earlier in the year.
Highly profitable cars such as the GLE and GLS sport-utility vehicles boosted earnings, as did the economic recovery in China, said CFO Harald Wilhelm.
The existing version of the S-Class luxury sedan also did well, even though it is being replaced by a new model, Mr Wilhelm said.
The company said it was raising its outlook for the year. It now expects full-year operating earnings to equal those from 2019, before the virus pandemic. Previously it said it expected to make a profit below last year’s total.
Quarterly net profit rose to 2.16 billion euros (£1.95 billion), up 19% on the same quarter a year ago — and improving on a net loss of 1.9 billion euros (£1.7 billion) from the second quarter during the worst of the lockdown.
Sales revenue fell 7% to 40.28 billion euros (£36 billion).