Daimler increased first quarter EBIT by 71% to EUR2bn and almost doubled net profit to EUR1,180m on sales “significantly higher” than Q1 2010 at EUR24.7bn (EUR21.2bn).
“We achieved excellent earnings in the first quarter. This puts us well ahead of our planning and confirms our positive outlook for the year 2011,” said chairman Dieter Zetsche.
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Mercedes-Benz Cars, Daimler Trucks and Mercedes-Benz Vans increased their unit sales in all major regions. Daimler Financial Services profited in particular from lower cost of risk.
In connection with the earthquake in Japan, expenditures of EUR49m were recognized at Daimler Trucks and EUR29m at Daimler Financial Services; any insurance compensations have not yet been taken into consideration.
In the first quarter of 2011, Daimler sold 461,700 cars and commercial vehicles worldwide, up 15%.
“Based on current estimates, the Daimler Group expects to post significantly higher EBIT from its ongoing business in 2011 than in 2010. Developments in the first quarter have shown that Daimler continues to make good progress toward the targeted rates of return that it intends to achieve on a sustained basis as of the year 2013,” it said in a statement.
“Following the substantial increase in 2010, Daimler expects its total revenue to continue to grow in 2011. That growth will probably be driven by all the automotive divisions. On the basis of the divisions’ planning, Daimler anticipates a significant increase in total unit sales (2010: 1.9m vehicles).”
