Daimler Reports Fourth-Quarter Loss
Daimler AG said Tuesday it took its first quarterly loss in nearly two years on declining sales, Bloomberg reported.
The company lost $1.9 billion in the fourth quarter, compared with earning $1.7 billion a year ago, Bloomberg said. Expenses from Chrysler, in which Daimler owns a 20% stake, removed about $2.5 billion from the earnings.
Its truck division’s profit plunged 83% to about $109 million, Bloomberg said. Germany-based Daimler reports its earnings in euros.
Daimler is the parent company of Daimler Trucks North America, which makes Freightliner, Sterling and Western Star truck brands.
Daimler said last year it is discontinuing its Sterling truck brand by March and that it will be closing two North American factories.
The truck restructuring plans led to a charge of about $295 million, Bloomberg reported.
