Daimler Truck said it delivered “solid results” in the first quarter of 2024 despite lower unit sales.

At EUR13.3bn, revenue was flat (Q1 2023: EUR13.2bn) and adjusted group EBIT was EUR1.21bn versus EUR1.16bn).

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“Reflecting the expected normalisation of the truck markets”, global sales in Q1 reached 108,911 units (125,172).

Sales of battery electric vehicles jumped 183% to 813 vehicles (287).

At EUR847m, net profit increased from EUR795m a year ago. Adjusted return on sales increased year on year to 9.3% (8.8%) and earnings per share were EUR1.00 (EUR0.90).

CEO Martin Daum said: “We had a positive start into 2024, delivering a robust profitability on lower sales volumes.

“While we are on track towards our financial targets for the full year, headwinds in Europe are increasing.”

Full year guidance was unchanged.

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