Daimler Truck: stock stalls as results disappoint
(CercleFinance.com) - On Friday Daimler Truck reported a 55% increase in operating profit last year, thanks to strong demand and pricing, however its bottom line fell short of analysts' expectations.
This morning the German truck maker reported adjusted Ebit of 3.96 billion euros for the past year, up from 2.55 billion in 2021, on sales that rose 28% to 50.9 billion euros.
This performance is nevertheless below the consensus.
The main contributor to this disappointment is the Mercedes Benz brand, which suffered from additional costs, especially wages, an analyst says.
Daimler Truck, on the other hand, delivered a rather encouraging outlook, anticipating further growth in sales, adjusted Ebit and cash flow in 2023, based on expected volumes at the same level as in 2022.
Following these announcements, the share dropped about 5% on the Frankfurt Stock Exchange on Friday, i.e. the second largest fall in the DAX index, trailed only by Deutsche Bank.
Copyright (c) 2023 CercleFinance.com. All rights reserved.