Daimler: posts quarterly loss, but shares rise on outlook
(CercleFinance.com) - Daimler on Thursday reported a second-quarter operating loss compared with a profit last year, as the German auto giant's sales plunged due to the corona pandemic.
The carmaker said, however, that it is now seeing the first signs of a recovery - especially at its Mercedes-Benz unit, where the group is benefiting from strong demand for high-end models and electrified vehicles.
Daimler shares are up almost 6% following this news, making it the biggest percentage winner on Frankfurt's DAX index today.
For the second quarter, Daimler posted an adjusted operating loss of 708 million euros, compared to a profit of 2.5 billion euros a year ago.
The group's total unit sales fell by 34% to 541,800 passenger cars and commercial vehicles, with quarterly revenue down 29% to 30.2 billion euros.
Daimler said it expects its operating profit (EBIT) to be positive in 2020, although lower than in the previous year.
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