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23.04.2021

Daimler posts rebound in profit, raises outlook

Daimler posts rebound in profit, raises outlook

The company expects its operating profit this year to be significantly above 2020

Stocks impacted: Daimler (DAI)

The German premium carmaker said its net profit rebounded strongly to 4.4 billion euros in the first three months of the year, from 94 million euros a year earlier. Revenue for the quarter rose 10% to 41.02 billion euros. The company raised its outlook for an important measure of profitability this year. It now expected profit of 10% to 12% on sales of its Mercedes-Benz cars, up from an outlook for 8-10% in its last estimate. Daimler said it expects its operating profit this year to be significantly above 2020 as the global economy recovers from the coronavirus pandemic. a few days ago, the German carmaker said it would temporarily halt production at two plants in Germany due to the chip shortage. 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+'.

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