Daimler Reports Loss for First Quarter

Daimler AG said Tuesday it lost $1.68 billion in the first quarter, compared with a profit of $1.73 billion a year ago, the Associated Press reported.

Revenue for the first quarter fell 26% to about $24.8 billion, AP reported.

Daimler is considering discontinuing cutting back its truck operations in Asia and, combined with some plant closures in North America and hours cutbacks in Europe, that will likely match with lower demand, Bloomberg reported, citing Chief Executive Officer Andreas Renschler,

The company also will withhold earnings guidance for the full year because of market volatility, Bloomberg said.

Daimler’s truck division’s revenue was $6.4 billion, down from $8.2 billion a year ago as its worldwide truck sales fell to 65,400 from 107,700 in last year’s first quarter, Daimler said in a statement.

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 last month.

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