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).

“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.

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

Full year guidance was unchanged.