Daimler Truck: share zooms off on results and outlook

(CercleFinance.com) - Daimler Truck shares soared 12% in Frankfurt on Friday, after the company reported quarterly results that significantly beat expectations, coupled with an outlook that exceeded market forecasts.


Q4 adjusted EBIT climbed 52% to E1.56bn, ahead of the E1.41bn expected by analysts.

FY 2023 adjusted EBIT rose by 39% to a 'record' E5.49bn, with an industry operating margin of 9.9%.

In view of the current difficult economic environment and the normalisation of the truck market, Daimler Truck said that it expects the same level of adjusted EBITDA in 2024 as in the previous year.

Regarding the adjusted operating margin for its industrial business, Daimler said that it is anticipating between 9% and 10.5%, again above the market consensus of 8.8%.

The dividend for 2023 will also rise to E1.90 per share, from E1.30 in 2022.

At around 9:30am, the truck manufacturer's shares were up 12.1%, posting the best performance of the German DAX index and one of the strongest gains of the pan-European STOXX 600 index.


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