Daimler Truck Lifts Sales Outlook After Strong First Quarter Sales

Berlin (dpa) – German truck manufacturer Daimler Truck brought in a surprising amount of business in the first quarter and raised its outlook for the year, despite supply chain problems and Russia’s invasion of Ukraine.

The DAX-listed group’s revenue rose 17% to €10.55 billion ($11.05 billion) in the quarter, according to a statement released on Tuesday. This was significantly more than analysts had expected.

For the year as a whole, the management team headed by Martin Daum now expects sales of €48 billion-50 billion instead of €45.5 billion-47.5 billion.

The increased revenue estimates are mainly down to higher sale prices and exchange rate effects, according to the firm.

Daimler Truck expects annual earnings before interest and tax to be at the same level as last year, instead of slightly lower.

Adjusted earnings before interest and tax rose by 11% to €651 million in the first quarter.

At €257 million, the net profit for the period January to March was significantly lower than a year ago, when it was €1.43 billion.

Costs of €170 million were incurred this year as a result of the firm shutting down its Russian business.

 

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German truck manufacturer Daimler Truck brought in a surprising amount of business in the first quarter and raised its outlook for the year, despite supply chain problems and Russia's invasion of Ukraine.

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