Dow Jones Newswires: Daimler Truck sees higher revenue, boosted by strong sales, price increases

by | Nov 11, 2022 | Stock Market

Daimler Truck Holding AG on Friday said revenue increased in the third quarter, boosted by strong vehicle sales and higher prices. The German commercial-vehicles maker
DTG,
+2.52%
said revenue rose to 13.5 billion euros ($13.78 billion) from EUR9.16 billion in last year’s third quarter. Group sales increased 27% to 134,972 units, up from 106,304 units a year ago.

The increase in revenue was driven by strong sales, higher prices, favourable effects from exchange rates and higher contributions from aftersales business, Daimler Truck said. “Daimler Truck sees a continued strong demand environment. The order backlog has increased compared to the prior-year level,” it said. Adjusted earnings before interest and taxes for the three months were EUR1.27 billion, up from EUR491 million a year ago. Analysts had expected EUR1.08 billion in adjusted EBIT, according to a consensus provided by the company. Looking ahead, Daimler Truck said it expects group revenue of between EUR50.0 billion to EUR52.0 billion and revenue in its industrial business to be in the range of between EUR48 billion and EUR50 billion in 2022. It expects an adjusted return on sales of 7%-9% for the Mercedes-Benz segment in 2022, up from 6%-8% previously expected. The company expects Group EBIT to increase slightly versus the prior year. Write to Maitane Sardon at maitane.sardon@wsj.com

Article Attribution | Read More at Article Source

Share This