* Daimler sees slower growth in China and India
* Q2 EBIT 2.58 bln euros vs 2.49 bln euros forecast
* Says now sees 2011 EBIT up very significantly
* Shares down 0.3 pct, outperform auto sector
(Adds further CEO, company comments, link to Insider interview
FRANKFURT, July 27 (Reuters – German car and truck maker
Daimler ( missed quarterly revenue forecasts and warned
strong demand for cars in the key emerging markets of China and
India was likely to slow sharply.
Premium and mass-market carmakers have looked to
fast-growing markets such as China to make up for sluggish sales
growth in Europe, though China’s car market, the world’s
biggest, is seen cooling this year due to rising fuel prices and
tighter rules on car registration.
Year-on-year wholesale vehicle sales growth at Daimler’s
luxury Mercedes-Benz cars in China tumbled to 8 percent in the
second quarter from 82 percent in the first.
«Demand for cars in the major emerging markets of China,
India, Brazil and Russia will probably continue to grow. But
rates of growth in China and India are likely to be distinctly
lower than last year,» Daimler said on Wednesday.
It also warned that the global truck market would probably
grow only moderately this year, hit by slumping sales in China
and the aftermath of the March 11 earthquake in Japan.
Daimler, which also makes Smart cars, reported
stronger-than-expected operating results for the second quarter,
partly thanks to strong sales of vans and buses.
It gave an upbeat outlook for its business for the full year
but warned that the overall economy may slow.
«At the beginning of the second half of 2011, although the
world economic upswing still seems to be intact, the outlook has
distinctly worsened,» Daimler said.
It warned that prospects of moderate economic growth in the
United States could be dashed if politicians failed to reach an
agreement on raising the federal debt ceiling.
Daimler Chief Executive Dieter Zetsche in an interview with
Reuters Insider TV downplayed the risks to the company.
«There are some clouds on the sky that we cannot just close
our eyes to, but we are confident that our business will
continue to develop positively,» he said.
UPBEAT OUTLOOK
Emerging markets have generated almost three-quarters of
world growth over the past two years, but there is concern that
inflation in China, the world’s second-largest economy, could
prompt a slowdown in emerging markets across the board.
Daimler’s comments on emerging markets chimed with those of
French carmaker PSA Peugeot Citroen , which earlier cut
its forecast for Chinese growth to around 7 from 10 percent.
Peugeot boosted its forecast for the Latin American market
and said the Russian market would grow by about 30 percent, more
than twice as fast as it had previously expected.
Daimler’s second-quarter earnings before interest and tax
(EBIT rose 23 percent to 2.58 billion euros ($3.73 billion,
which beat an average estimate of 2.49 billion euros in a
Reuters poll.
Revenue rose about 5 percent to 26. 34 billion euros,
missing an average estimate of 27.99 billion in a Reuters poll.
Still, analysts believed the second half of this year could
bring fresh growth for Daimler.
«We’re optimistic. Mercedes has some important model
launches during 2011 and should see capacity utilisation
benefits from new SUVs and new small cars heading into 2012,»
Bernstein analyst Max Warburton said.
Daimler said it now expected 2011 EBIT to very significantly
exceed the year-earlier level. Analysts on average see that
figure at 9.15 billion euros, up almost 26 percent from 2010.
(Reporting by Maria Sheahan; Additional reporting by Daniela
Pegna; Editing by David Hulmes and Will Waterman
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