Daimler: hint of optimism offsets dull quarter
(CercleFinance.com) - Daimler shares are inching up on Thursday, after the German car maker forecast "high demand" from customers in the fourth quarter, overshadowing the current "volatile environment" the group says.
The Stuttgart-based automobile giant said it achieved third-quarter EBIT of 2.5 billion euros, which is significantly below its last year's earnings of 3.4 billion euros.
Net profit of 1.7 billion euros was also significantly below the previous figure of 2.2 billion euros.
From July through September, Daimler sold 794,700 cars and commercial vehicles worldwide, which is 4% less than in the third quarter of last year.
After these dull numbers, Dieter Zetsche, chairman of Daimler's management board and head of Mercedes-Benz, described a "very challenging environment" for the automotive industry as a whole and Daimler more specifically.
"The continued high demand from our customers makes us confident for the fourth quarter," he added.
However, investors seemed to want to focus on the latter comment, with Daimler shares trading up 1.9% at 51 euros in Frankfurt after the report.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The Stuttgart-based automobile giant said it achieved third-quarter EBIT of 2.5 billion euros, which is significantly below its last year's earnings of 3.4 billion euros.
Net profit of 1.7 billion euros was also significantly below the previous figure of 2.2 billion euros.
From July through September, Daimler sold 794,700 cars and commercial vehicles worldwide, which is 4% less than in the third quarter of last year.
After these dull numbers, Dieter Zetsche, chairman of Daimler's management board and head of Mercedes-Benz, described a "very challenging environment" for the automotive industry as a whole and Daimler more specifically.
"The continued high demand from our customers makes us confident for the fourth quarter," he added.
However, investors seemed to want to focus on the latter comment, with Daimler shares trading up 1.9% at 51 euros in Frankfurt after the report.
Copyright (c) 2018 CercleFinance.com. All rights reserved.