Mercedes-Benz: profits halved in Q3
(CercleFinance.com) - Mercedes-Benz group has reported Q3 sales of E34.
5bn, down 6.7% y-o-y.
Q3 EBIT was almost halved (-48%) to E2.51bn, while net profit fell to E1.71bn (-53.8%), with EPS down 47.5% to E1.81.
However, FCF edged up 2% to E2.39bn.
Q3 results fell short of our ambitions. Nevertheless, Mercedes-Benz continues to generate solid cash flow, even in difficult times. We are taking a cautious view of market developments for the future, and will intensify all our efforts to further increase efficiency and improve costs across all our businesses, management said.
Regarding its outlook, Mercedes-Benz Cars is expected to post annual sales 'slightly below those of 2023, with a share of battery electric vehicles (BEVs) and plug-in hybrids (xEVs) of between 18% and 19% in 2024.
Group sales are expected to fall slightly from the previous year.
As communicated on 19 September, Mercedes-Benz Group's EBIT and cash flow are expected to be well below the previous year's levels, it concludes.
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