Daimler notes car recovery faster than expected.
Daimler recovered the sales rhythm in the third quarter after the stoppage suffered by Covid-19 and earned 3,071 million euros before interest and taxes, which represents an increase of 14% compared to the same period of the previous year, according to preliminary figures released by the company.
The German consortium has assured that in September its sales were “strong” and that the market has recovered more quickly than expected. In this context, it estimates a “positive” end of the year, as long as there are no more confinements to stop the pandemic.
“The third quarter shows a very strong development and provides further proof that we are on the right track to reduce the balance of our company. At the same time, we continue to seize opportunities to improve markets with the excellent products of Mercedes-Benz Cars. & Vans and Daimler Trucks & Buses “, said Harald Wilhelm, Head of Finance, Control and Daimler Mobility.
Faced with the situation caused by the coronavirus pandemic, with a general drop in demand for vehicles, the German multinational has applied “strict cost discipline” and different measures to ensure liquidity.
In April, it signed a five-year credit line for an amount of 12,000 million euros to gain liquidity in the face of the crisis caused by the coronavirus. He signed it with BNP, Banco Santander, Deutsche Bank and JPMorgan.
Daimler shares rose 4.2% at mid-session on Friday on the Frankfurt Stock Exchange, to 48.7 euros, as the results have exceeded the company’s forecasts. He expected an operating profit of 1.95 billion euros.
For its part, it recorded an adjusted operating profit of 3,480 million euros, compared to the 2,498 million it expected. Daimler will publish the final results for the third quarter and the accumulated results for the year on October 23, along with new forecasts for the entire course.