Daimler earnings exceeding expectations on China demand
The firm is due to release detailed quarterly results on April 23
Stocks impacted: Daimler (DAI)
According to preliminary results, Daimler's first-quarter earnings will be above market expectations. The company said that its quarterly adjusted group earnings before interest and tax jumped to 5.0 billion euros ($6 billion) from 719 million a year earlier. The German premium car maker’s adjusted industrial free cash flow reached 2.8 billion euros, against a consensus forecast for 1.8 billion euros. Strong first-quarter operating profit was due to higher vehicle prices and strong demand in China. It is due to release detailed quarterly results on April 23. Earlier this week, Daimler unveiled an electric version of its flagship Mercedes-Benz S-Class sedan. As a reminder, last month, Fitch Ratings has revised Daimler AG's Outlook to Positive from Stable while affirming the auto manufacturer's Long-Term Issuer Default Rating (IDR) and senior unsecured notes at 'BBB+'. The company’s stocks were trading 2.69% higher following the preliminary report.
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