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Daimler Quarterly Earnings Exceed Projections on China Sales

A steering wheel sits in the Mercedes-Benz GLE sport utility vehicle (SUV), manufactured by Daimler AG, at an event ahead of the Shanghai Auto Show in Shanghai, China, on Monday, April 15, 2019. China has been one of the few bright spots for the Mercedes-maker Daimler so far this year. Photographer: Qilai Shen/Bloomberg
By Bloomberg
16 Apr 2021
0

Daimler AG said first-quarter earnings “significantly” topped estimates, driven by strong demand for its flagship Mercedes-Benz cars, particularly in China.

Group earnings before interest and tax was 5.75 billion euros ($6.9 billion) for the first three of the year, compared with analysts’ consensus estimate for 4.96 billion euros, the German carmaker said in a preliminary earnings statement Friday.

“Favorable sales momentum at Mercedes-Benz Cars, driven by all major regions, especially China, strongly supported the product mix and pricing in the first quarter,” the company said in the statement. Earnings at the Mercedes cars & vans unit was 4.08 billion euros on the same basis, compared to consensus estimates of 3.54 billion euros.

Mercedes’ first-quarter global car sales climbed 22% to 581,270 units, with Daimler’s main division posting a 60% jump in China deliveries, it said earlier this month.

Read more: BMW and Mercedes Start the Year With Worldwide Sales Records

Shares of Geely Automobile Holdings Ltd., which is controlled by Daimler’s biggest shareholder, billionaire Li Shufu, surged as much as 8.1% in early Hong Kong trading Friday. Daimler shares have gained 30% this year.

Daimler will release full quarterly results April 23.

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