Good first quarter performance for Daimler

Daimler AG (stock-exchange abbreviation DAI) today presents its interim report on the first quarter of 2008. Daimler achieved EBIT of €1,976 million in the first quarter (Q1 2007: €3,292 million).

The Mercedes-Benz Cars division improved its EBIT and thus compensated for the lower earnings recorded by Daimler Trucks and Daimler Financial Services.

Earnings decreased primarily because EBIT in the first quarter of 2007 included a special gain of €1,563 million related to the transfer of EADS shares. In the first quarter of 2008, special gains were realized in connection with the sale of the real-estate properties at Potsdamer Platz (€449 million) and in connection with the transfer of EADS shares (€102 million). There were opposing effects from expenses of €491 million related to Chrysler (special items are shown in the table on page 8).

Net profit amounted to € 1,332 million (Q1 2007: €1,972 million), equivalent to earnings per share of €1.29 (Q1 2007: €1.89).
Unit sales up by 9% in Q1 2008
In the first quarter of 2008, Daimler sold 503,800 cars and commercial vehicles worldwide, thus surpassing the figure for the prior-year period by 9%.

Daimler’s revenue increased slightly from €23.4 billion to €23.5 billion in the first quarter of 2008. Adjusted for exchange-rate effects and changes in the consolidated group, revenue growth amounted to 4%.

At the end of the first quarter of 2008, 273,902 people were employed by Daimler worldwide (Q1 2007: 270,986). Of this total, 166,661 were employed in Germany and 24,108 were employed in the United States (end of Q1 2007: 165,753 and 25,114 respectively).

Credits: Jarvis