Daimler said it had achieved a group EBIT for the first quarter 2017 that was “significantly above market expectations”.

Group EBIT totalled EUR4,008m compared with EUR2,148m in first quarter 2016.

Mercedes-Benz Cars’ EBIT was EUR2,234m (EUR1,395m in Q1 2016), Daimler Trucks EUR668m (EUR516m), Mercedes-Benz Vans EUR357m (EUR301m), Daimler Buses EUR65m (EUR39m) and Daimler Financial Services EUR524m (EUR432m).

Return on sales for Mercedes-Benz Cars was 9.8% (7%), Daimler Trucks 8.4% (6.3%), Mercedes-Benz Vans 11.9% (10.7%), Daimler Buses 7.2% (4.7%) and Automotive Business 10.6% (5.7%).

Earnings were affected by a positive valuation effect in connection with new partners/investors in HERE of EUR183m, a gain from the sale of real estate at MFTBC (Mitsubishi Fuso Truck and Bus Corporation) of EUR267m and a reversal of impairment of investment in BAIC Motor of EUR240m.

Daimler said last week Mercedes-Benz Cars had had a record March with sales up 14.8% year on year to 228,296 vehicles. First quarter volume was also a record – up 16% to 560,625.

In Europe, sales rose 11.8% to 109,237 in March and 10.8% to 233,329 in the first quarter.

March Asia-Pacific sales rose 23.1% to 78,649 in March and 27.4% to 219,418 in Q1.

NAFTA region March sales rose 6.3% to 34,922 and 7.1% to 94,142 for a record Q1.

Analysis of Daimler in just-auto‘s research database QUBE