• Germany's news in English

Daimler nearly doubles first-quarter profit

The Local · 29 Apr 2011, 11:59

Published: 29 Apr 2011 09:11 GMT+02:00
Updated: 29 Apr 2011 11:59 GMT+02:00

Facebook Twitter Google+ reddit

Daimler said its net profit jumped to €1.18 billion ($1.75 billion) in the three months from January through March from €612 million in the same period of 2010. Sales gained 16.5 percent to €24.7 billion.

Analysts polled by Dow Jones Newswires had forecast a slightly higher profit of €1.26 billion however, and Daimler shares slumped heavily in early trades on the Frankfurt stock exchange.

As has been the case with rival German makers of premium automobiles, Daimler reiterated upbeat guidance for the rest of the year, forecasting core earnings before interest and taxes "to be significantly higher than in 2010."

First quarter Ebit soared by 71 percent on the year to €2.031 billion, the company said.

"We achieved excellent earnings in the first quarter. This puts us well ahead of our planning and confirms our positive outlook for the year 2011," chairman Dieter Zetsche said in a statement.

"We are on the right track. We want to delight our customers with fascinating products and strong brands, and we intend to continue our profitable growth."

All major regions and all divisions, from Mercedes-Benz Cars to Daimler Trucks, Mercedes-Benz Vans and Daimler Financial Services, contributed to the strong results.

The group reported spending of €49 million at Daimler Trucks, the world's leading heavy truck maker, in connection with the earthquake and tsunami in Japan, along with €29 million at Daimler Financial Services.

Mitsubishi Fuso, a Daimler Truck unit, is based in Japan. The group said it expected further costs of between €50-100 million stemming from the disaster.

Story continues below…

But tornadoes that slammed the southern United States this week, killing more than 300 people, did not do serious damage to the group's plant in Tuscaloosa, Alabama.

Shares in the group fell by 2.11 percent to €51.97 in morning trades on the Frankfurt stock exchange, while the DAX index of German blue-chips was 0.13 percent lower overall.

AFP/The Local/mry

The Local (news@thelocal.de)

Facebook Twitter Google+ reddit

Your comments about this article

23:01 April 29, 2011 by Chigozie Ohanweh
Their are two cars in d world. Mecedes benz and d rest.
Today's headlines
Obama to visit Berlin in last presidential trip to Germany
President Barack Obama and Chancellor Angela Merkel during a Berlin trip in 2013. Photo: DPA.

The White House announced on Tuesday that US President Barack Obama will be paying one last unexpected visit to the German capital - his last before he leaves office.

Hostility towards minorities 'widespread in Bavaria'
A village in southern Bavaria. Photo: DPA.

Hate and hostility towards groups deemed to be different are not just sentiments felt by fringe extremists, a new report on Bavaria shows.

Hated RB Leipzig emerge as shock challengers to Bayern
RB Leipzig. Photo: DPA

RB Leipzig's remarkable unbeaten start to the Bundesliga season has seen them suddenly emerge at the head of the pack chasing reigning champions and league leaders Bayern Munich.

Munich taxi driver in hospital after attack by British tourists
Photo: DPA

A taxi driver had to be hospitalized in Munich on Monday evening after three British tourists refused to pay their fare and then attacked him.

German police carry out nationwide anti-terror raids
Police outside a building in Jena during raids on Tuesday. Photo: DPA

Police forces in five German states carried out raids on Tuesday morning with the aim of tackling the financing of terror groups, police in Thuringia have reported.

The Local List
10 ways German completely messes up your English
Photo: DPA

So you've mastered German, but now it's time to learn English all over again.

Iconic German church being eroded away by human urine
Ulm Minster towering over the rest Ulm surrounding the Danube. Photo: Pixabay

It will now cost you €100 to spend a penny. That’s if you get caught choosing to pee against the world-famous Ulm Minster.

German small arms ammo exports grow ten-fold
Photo: DPA

The government has come in for criticism after new figures revealed that Germany exported ten times the quantity of small arms ammunition in the first half of 2016 as in the same period last year.

14-year-old stabs 'creepy clown' in prank gone wrong
File photo: DPA.

A 16-year-old in Berlin decided he wanted to scare some friends, but his plot backfired in a violent way.

Four Ku Klux Klan groups active in Germany, says govt
An American member of the KKK at a gathering in Georgia. Photo: EPA.

The German government estimates that there are four Ku Klux Klan (KKK) groups currently active in the country, according to a report by the Süddeutsche Zeitung (SZ) on Tuesday.

Germany's 10 most weird and wonderful landmarks
Sponsored Article
Last chance to vote absentee in the US elections
10 things you never knew about socialist East Germany
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
jobs available
Toytown Germany
Germany's English-speaking crowd