• Germany's news in English

Daimler posts record Q2 results, sees strong 2011

The Local · 27 Jul 2011, 10:01

Published: 27 Jul 2011 10:01 GMT+02:00

Facebook Twitter Google+ reddit

Daimler posted an annualised 30 percent jump in net profit to €1.7 billion, while core earnings before interest and taxes (EBIT) reached €2.581 billion, from €2.104 billion in the same period a year earlier.

Analysts polled by Dow Jones Newswires had anticipated a net profit of €1.58 billion and EBIT of €2.47 billion.

Daimler forecast that its full-year core earnings "will very significantly exceed the level of 2010," or €7.3 billion. The company also now expects full-year sales to be "significantly more than €100 billion."

An analyst quoted by Dow Jones nonetheless said that Daimler's results were boosted substantially by its financial services unit, while the auto division was losing market share to BMW and Audi.

Daimler shares slumped by 2.03 percent to €50.76 in early trading on the Frankfurt stock exchange, while the DAX index was down by 0.56 percent overall.

In the three months from April through June however, group sales gained 4.8 percent to €26.3 billion, while Mercedes-Benz Cars posted its strongest core earnings ever at €1.566 billion, up from €1.376 billion a year before.

"The very good earnings trend is primarily a reflection of increased vehicle shipments by nearly all divisions," Daimler chairman Dieter Zetsche was quoted as saying.

The group's financial services unit posted core earnings of €340 million, almost double the year earlier figure of €171 million.

Strong demand for luxury cars in many major markets allowed Daimler to deliver a total of almost 360,000 vehicles in the three-month period, a figure that included sales of the group's Smart city car.

"We are fully on schedule to turn 2011 into one of the most successful years in our long corporate history," Zetsche said.

Story continues below…

A pick up in global activity also boosted demand for Daimler trucks, which reported a nine percent increase in unit sales to 91,500 vehicles, while the value of those sales was 14 percent higher at €6.6 billion.

The analyst quoted by Dow Jones nonetheless said auto unit sales were below expectations and added: "This clearly shows that BMW and Audi are performing better and that Daimler is losing market share in the higher price segment."


The Local (news@thelocal.de)

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
Eurowings braces as cabin crew union proclaims strike
Photo: DPA

A union representing cabin crew for Lufthansa's budget airline Eurowings announced that strikes could take place at any time over the next two weeks, starting on Monday.

Mysterious German U-boat wreckage found off Scotland
Photo: ScottishPower

First World War U-boat "attacked by sea monster” thought to be found off Scottish coast.

Supermarket Edeka warns of exploding apple juice bottles
Photo: DPA

"Risk of injury" from "Gut und Günstig" sparkling apple juice bottles has forced Germany's largest supermarket to recall the product.

By wheelchair from Syria to Germany: teen's story of hope
Nujeen Mustafa. Photo: HarperCollins-William Collins Publicity/Private

She tackled the gruelling 2,000-kilometre migrant trail in a wheelchair, translating along the way for other refugees using English she learned from a US soap opera. Now this teen is living in Germany and hoping to inspire others with a newly published memoir.

Berlin Zoo to have a pair of pandas by next summer
A recently born panda pair at Vienna Zoo. Photo: DPA

The giant bamboo-eating bears will move into a brand new 5,000 square-metre enclosure in the capital's Zoologischer Garten.

Two new spider species discovered in Munich
Zoropsis spinimana. Photo: rankingranqueen / Wikimedia Commons

It's news every arachnophobe in Munich is no doubt thrilled to hear: two types of spider new to the region have been discovered in the Bavarian capital - and one of them bites!

After woman's body found in barrel, husband may walk free
Franziska S., who went missing 24 years ago. Photo: Hanover police.

A woman disappeared in Hanover 24 years ago, but no one reported her missing. Although her husband has now confessed to her murder, he still may not step foot in jail.

Two injured after army tank falls 50 metres in Alps
A Bundeswehr Puma tank. File photo: DPA

A Bundeswehr (German army) soldier has been severely injured after the tank he was riding in crashed 50 metres down an embankment after going off course in bad weather.

Teen girl stands trial for 'Isis' police stabbing in Hanover
Police guard the courthouse in Celle. Photo: DPA

A teenage girl stands trial from Thursday in Germany for stabbing a police officer, an assault allegedly "ordered" by Isis but which was not claimed by the jihadist group.

Merkel threatens Putin with more sanctions on Berlin visit
Angela Merkel and Vladimir Putin in Berlin. Photo: DPA

Chancellor Angela Merkel created a united front with French President Francois Hollande in Berlin on Thursday to denounce Russia’s “war crimes” in Syria.

Sponsored Article
How to vote absentee from abroad in the US elections
10 things you never knew about socialist East Germany
Sponsored Article
Last chance to vote absentee in the US elections
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
Sponsored Article
How to vote absentee from abroad in the US elections
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