Daimler raises full-year outlook due to strong results in Q3 2010

Article by Christian A., on October 29, 2010

As Daimler’s net income surpassed analysts' estimates of the demand for top-of-the-line E- and S-Class sedans in China and the US, the carmaker then raised its full-year profit forecast. Daimler’s third-quarter net income increased 28-fold to 1.61 billion euros ($2.21 billion) from 56 million euros a year ago.

The profit estimates of 9 analysts averaged 1.09 billion euros. Meanwhile, sales had risen by 30% to 25.1 billion euros.

CEO Dieter Zetsche raised his target for 2010 earnings before interest and taxes to over 7 billion euros from a prediction of 6 billion euros previously. For the first nine months of the year, Daimler had posted an operating profit of 5.7 billion euros.

Daimler's luxury-car sales are on track to recovery after the financial crisis as demand moves up in China and the US, the two largest auto markets in the world.

Deliveries of heavy trucks at Daimler were affected largely by the recovering global economy. Jose Asumendi, a London-based analyst with Royal Bank of Scotland, said that “strong results” were seen all across the board.

However, Asumendi added, “Consensus is way too low.” Sales in China climbed 19% last month. Mercedes’ strategy to double deliveries had enabled it to beat the market.

US auto sales in September increased to a seasonally adjusted annual rate of 11.8 million, the quickest pace since the “cash for clunkers” program ended. Last month, Mercedes sold more units in the US than BMW AG and Toyota Motor Corp.'s Lexus. [via autonews - sub. required]

Topics: daimler, profit

If you liked the article, share on:

Comments

Recommended

The primary suggestion of a 4x4 ute from French company Peugeot was first revealed in 2016. Fifteen months later, the production version is launched. Now, Peugeot is not shying away...
by - June 24, 2017
The new Jaguar E-Pace crossover will soon hold its official launch on July 13 and is expected to arrive at the showrooms by early next year. It couldn’t have come...
by - June 24, 2017
As prices of the original Shelby Cobra have skyrocketed into astronomical proportions, there are firms like Superformance that serve replicas to consumers who demand the same levels of performance at...
by - June 24, 2017
New and improved 2018 Subaru Legacy comes packed with a number of upgraded features from the get go - from the exterior to the interior. And the company has finally...
by - June 23, 2017
In an interview involving Lamborghini CEO Stefano Domenicali and Automotive News, the topic about the Urus was thoroughly discussed. This super SUV is scheduled to make its debut later this...
by - June 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries