Daimler earnings before interest and taxes (EBIT) fell 40% to EUR1,976m in the first quarter of 2008.
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The Mercedes and Smart car maker said earnings fell mainly because EBIT in the first quarter of 2007 included a special gain of EUR1,563m related to the transfer of EADS shares. It made Q1 2008 gains on the sale of Berlin property and in connection with the transfer of EADS shares. But there were also expenses of EUR491m related to the majority shareholding disposal of Chrysler.
Net profit was EUR1,332m compared with EUR1,972m a year ago, equivalent to earnings per share of EUR1.29 (EUR1.89).
Unit sales rose 9% to 503,800 cars and commercial vehicles worldwide. Revenue increased slightly from EUR23.4bn to EUR23.5bn, growth of 4% when adjusted for exchange rate effects and changes in the consolidated group.
The group nonetheless expects total revenue will increase “moderately” in full-year 2008 from EUR99.4bn last year and to post EBIT from ongoing operations of “well above the prior-year level”, excluding effects related to Chrysler.
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