Daimler Truck Group boosted second quarter 2022 adjusted EBIT 15% year on year to EUR1,010 million (Q2 2021: EUR878 million). For the “industrial business”, EBIT adjusted of RUR940 million was 16% higher (EUR810 million). Adjusted return on sales dipped to 8% from 8.1%.
“Despite ongoing supply chain constraints and headwinds from raw material prices, [we] continued [our] profitable growth path in Q2, increasing unit sales, revenue and adjusted EBIT, the global truck maker said in a statement.
The company increased (4%) unit sales to 120,961 units (Q2 2021: 116,845), supported, it said, “by positive unit sales, improved net pricing and higher contributions from aftersales business as well as positive effects from exchange rates”.
Group revenue rose 18% to EUR12.1 billion (EUR10.2 billion).
“Daimler Truck sees a continued strong demand environment. The order backlog remains on a high level.”
CEO Martin Daum said: “We are in the middle of our first year as an independent company. With an EBIT of EUR1bn in the second quarter, our results and achievements are a strong foundation to build on. Now we want to keep this positive momentum for the second half of the year.”
CFO Jochen Goetz added: “Given the ongoing challenges with the supply chain, raw materials and energy prices we can be satisfied with our Q2 results. Our financial targets for 2022 remain unchanged. However, the current year will continue to be demanding especially on the cost side..”
The company assumes “overall macroeconomic conditions will continue to be comparatively favorable for the global demand in commercial vehicles for the second half of 2022. However, supply and not demand is still the limiting factor”.
Revenue is pegged between EUR48 billion to EUR50billion for full year 2022 while the outlook for RoS adjusted is unchanged between 7% and 9%
Daimler Truck is also assuming decreasing supply bottlenecks compared with the first half of the year and no production downtimes due to the availability of gas.