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Daimler’s 1Q Income Declines on Lower Truck Sales
Daimler AG said Tuesday its first-quarter profit declined 32% on lower truck sales, Bloomberg reported.
Net income fell to about $2.07 billion, or $2.01 per share, from $3.07 billion, or $2.95 per share, a year ago. Revenue rose slightly to $36.6 billion.
Daimler’s truck revenue fell 13% to $9.87 billion, as U.S. deliveries plunged 47%, Bloomberg reported.
Daimler, formerly DaimlerChrysler, still has a 20% stake in the U.S. automaker Chrysler, which also hurt its earnings, Bloomberg said.
Chief Executive Officer Dieter Zetsche said demand from Russia and China would boost year-over-year demand, excluding the impact of Chrysler, Bloomberg said.
The company's Daimler Trucks North America unit makes Freightliner, Sterling and Western Star brand trucks in the United States.
