Daimler Reports $1.4 Bln Loss in Second Quarter
Daimler AG said Wednesday it lost 1.02 billion euros ($1.4 billion), or 0.99 euros per share ($1.40) in the second quarter, compared with a profit of 1.35 billion euros ($1.9 billion), or 1.40 euros ($1.97), a year ago.
Revenue for the quarter fell 25% to 19.6 billion euros ($27.6 billion).
Daimler Trucks’ sales in the quarter fell 56% to 54,134 units, the company said. Market share increased in nearly all major markets, while revenue from the unit fell from to 4.2 billion euros ($5.9 billion) from 7.4 billion ($10.4 billion).
Daimler expects its total unit sales to decrease significantly in 2009. It expects Daimler Trucks unit sales in the second half of 2009 to be the same level as the first half, and that market shares will at least remain stable.
Cost-cutting measures in Daimler Trucks will only partially offset the negative effect of decreasing sales, Daimler said.
The parent company of Daimler Trucks North America and the Freightliner brand in the United States took its first quarterly loss in nearly two years in the fourth quarter of last year.
Daimler also makes the Western Star brand in North America and discontinued its Sterling brand earlier this year.
