Daimler reports preliminary adjusted EBIT of $ 6.42 billion in the second quarter

July 15 (Reuters) – Mercedes-Benz automaker Daimler AG (DAIGn.DE) on Thursday announced preliminary adjusted group profit before interest and taxes (EBIT) of 5.42 billion euros ($ 6.42 billion) ) for the second quarter, auto and truck divisions beating analysts’ targets.

Mercedes-Benz Car and Van’s results were aided by price and cost discipline, helping to offset any impact from a global semiconductor shortage. Mercedes-Benz cars and vans adjusted EBIT amounted to € 3.60 billion, against a consensus of € 3.1 billion, he said.

Adjusted EBIT for Daimler trucks and buses was € 831 million, against a consensus of € 680 million, the company said in a statement.

“Daimler Trucks & Buses sales increased in almost all regions due to improving market conditions, resulting in higher profitability in the second quarter. In addition, Daimler Trucks & Buses EBIT benefited from high prices, aftermarket activity plus recurring valuation effects of around 100 million euros, ”he said.

Overall adjusted EBIT of 5.4 billion euros exceeds expectations of 4.3 billion, the statement said.

Daimler’s truck unit aims to reduce costs and capital expenditure by 15% by 2025 and increase profit margins in all regions regardless of market conditions, he said in May. . Read more

The group’s preliminary EBIT for the second quarter was 5.19 billion euros. In the second quarter of last year, the company reported an EBIT loss of 1.68 billion euros.

The company’s chief financial officer, Harald Wilhelm, said last month that Daimler was on track to part with Daimler Truck, the world’s largest manufacturer of trucks and buses, by the end of the year. .

As part of the planned spin-off, a significant majority stake in Daimler Truck would be distributed to Daimler shareholders.

Last month, the company also announced that it was cutting working hours at some factories as automakers suffered from a semiconductor shortage. Read more

($ 1 = 0.8448 euros)

Report by Kanishka Singh in Bengaluru; Editing by Peter Henderson and Christopher Cushing

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