Daimler Reports Higher 3Q Earnings; Cuts ’08 Forecast
Daimler AG said Thursday its third-quarter income improved from a year ago and that its truck unit was its only division to show an improvement in earnings, though it cut its full-year earnings forecast by 1 billion euros ($1.3 billion), Bloomberg reported.
Daimler’s truck division’s earnings before interest and taxes rose 6% to 510 million euros ($652.7 million), Bloomberg reported.
Third-quarter revenue fell 7% to 23.8 billion euros ($30.5 billion). Net income was equal to 21 cents a share, compared with a loss in the previous third quarter of 1.53 billion euros ($1.96 billion), or 1.47 euros ($1.88) per share, related to the sale of its former Chrysler unit, Blomberg said.
Company-wide earnings before interest and taxes will be more than 6 billion euros ($7.7 billion) in 2008, compared with a previous forecast of at least 7 billion ($9 billion) euros, Stuttgart, Germany-based Daimler said in a statement.
Daimler is the parent company of Daimler Trucks North America, which makes Freightliner, Sterling and Western Star truck brands, though the company said this month it would discontinue the Sterling brand by March of next year.
