Daimler logs 16% hike in 3rd quarter EBIT to EUR2.23 billion

Article by Anita Panait, on October 25, 2013

Daimler posted a 16-percent surge in earnings before interest and taxes (EBIT) in the third quarter of 2013 to EUR2.23 billion ($3.08 billion) from EUR1.92 billion in the same period in 2012. Daimler’s EBIT surpassed the EUR2.09 billion average of 11 analyst estimates compiled by Bloomberg. The German carmaker logged a 5.3-percent hike in revenue to EUR30.1 billion.

Daimler is expecting its full year 2013 EBIT to drop to EUR7.5 billion, compared to EUR8.1 billion in 2012, as the carmaker invests more for new models. Daimler saw sales at its Mercedes-Benz brand in September grow faster than those of rivals BMW and Audi, thanks to the addition of the CLA coupe that arrived in April 2013. Mercedes now offers 23 cars and sports utility vehicles, from 19 six years ago.

Mercedes is also investing to develop 13 all-new models in the next eight years, including the GLA compact SUV that will arrive in early 2014.  The unit commenced selling new versions of the A-class hatchback and the B class as well as a revamped E-class in April 2013. The unit started selling a new version of the S class in July.

Mercedes, BMW and Audi are all aiming to post record global sales in 2013, backed by growth in China, the United States and South America. In September, Mercedes disclosed plans to commence production in Brazil by 2016, and reiterated a 67-percent expansion in South African output by mid-2014. Daimler chief executive Dieter Zetsche has set a goal for Mercedes to surpass BMW and Audi as the top-selling luxury car maker in the world by 2020. [source: Daimler]

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