Daimler earnings plunge as coronavirus hammers vehicle sales, production

Stock Market
2/2 © Reuters. The spread of the coronavirus disease (COVID-19) in Germany © Reuters. The spread of the coronavirus disease (COVID-19) in Germany 2/2

(Reuters) – German’s Daimler AG (DE:) said on Thursday it expected to report a near 70% plunge in a key first-quarter earnings figure, as demand for its Mercedes-Benz cars plunges amid the coronavirus pandemic.

The virus outbreak has pummeled vehicle sales and production globally, as governments impose tight restrictions on business activity and the movement of people to control its spread.

Daimler reported preliminary adjusted first-quarter earnings before interest and tax (EBIT) of 719 million euros, a 68.9% fall from the prior year.

Preliminary adjusted EBIT for Mercedes-Benz cars & vans fell over 56% to 603 million euros.

The company also said it expects total unit sales and revenue for 2020 to be lower compared to last year.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Stock Market News

Leave a Reply

Your email address will not be published. Required fields are marked *