FRANKFURT, Germany (AP — Automaker Daimler AG says net profit rose 20 percent to €1.42 billion ($1.88 billion in the first quarter despite a slip in earnings at its key Mercedes luxury car business.
Revenues rose 9 percent to €27.01 billion and the company sold 9 percent more vehicles worldwide, at 502,086.
Both the sales and net profit figures beat the average analyst estimate compiled by FactSet, which foresaw profit of €1.22 billion.
Divisional earnings slipped 3 percent at the Mercedes-Benz Car division, the company’s biggest. Daimler said Friday that spending on expanded production capability and upcoming new vehicles weighed on the results, as did what it called temporarily weaker pricing in the crucial Chinese market.
Daimler CEO Dieter Zetsche, who also heads the Mercedes division, called it «a strong quarter. «
«Despite higher investment in future growth and a challenging market environment, we succeeded in surpassing the very good prior-year results,» he said in a statement.
The company reaffirmed its cautious outlook for the year, saying earnings before interest and taxes would match last year’s.
Earnings were helped by a stronger performance from the company’s financial services division, where earnings rose 7 percent, and from accounting for its ownership share in aerospace firm EADS. The financial category where the EADS stake is accounted for went from a loss of €131 million to a gain of €86 million.
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