News Column

Daimler Sheds EADS, Sees Profit Rise

July 12, 2013

German carmaker Daimler reported a rise in second-quarter operating profit after selling its stake in aerospace and defence group EADS.

Earnings before interest and tax (EBIT) during the three months to the end of June were 5.2 billion euros (6.8 billion dollars).

The Stuttgart group said it earned 3.2 billion euros from hiving off its EADS holding, which it began selling in April.

The company did not release any comparative figures, but Daimler posted EBIT of 2.24 billion euros a year ago.

"We continue to assume that EBIT in the second half of the year will be higher than in the first half," the company said.

Total quarterly revenue came in at 29.7 billion euros, up from the 28.9 billion euros it generated in the same period last year.

The group's earnings included restructuring charges of 102 million euros for its truck and bus operations.

Daimler's earnings from its flagship Mercedes Benz operations was 1.04 billion euros.

The release of the figures is part of the buildup to the start of Germany's second-quarter corporate reporting season. Daimler is due to publish its full quarterly results on July 24.

For more coverage on the automotive industry, please see HispanicBusiness' Auto Channel

Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

Story Tools