Daimler exceeds market expectations in second quarter
By Kim Richters
Daimler AG said Thursday that the results for the second quarter of the year were above market expectations despite the negative effects of the shortage of semiconductor components.
According to preliminary figures, the group profit of the German automaker before interest and taxes amounted to 5.19 billion euros (6.14 billion dollars). This compares to the consensus estimates provided by the company of 4.12 billion euros and a loss before interest and taxes of 1.68 billion euros the previous year.
On an adjusted basis, the group’s EBIT stood at 5.42 billion euros, compared to a loss of 708 million euros over the same period 2020 and consensus expectations of 4.29 billion euros. euros.
“We continue to deliver strong financial performance across all divisions despite the continued low availability of semiconductors, which negatively impacted our production and sales in the second quarter,” said Managing Director Ola Kallenius.
The automaker said its Mercedes-Benz Cars & Vans division benefits from a favorable product mix, pricing and ongoing cost control, and is able to generate double-digit margins for the third consecutive quarter. The adjusted return on sales was 12.8%, down from minus 1.5% in the same quarter a year earlier and expectations of 11.5%. Adjusted EBIT for the automotive business amounted to € 3.60 billion.
In its commercial vehicle division Daimler Trucks & Buses, adjusted return on sales was 8.3%, down from minus 12.0% the previous year and consensus of 6.9%, and adjusted EBIT amounted to 831 million euros.
Daimler will release full second quarter results on July 21.
Write to Kim Richters at [email protected]