Daimler Q2 net up 30 percent at $2.5 billion
Wednesday, July 27, 2011
FRANKFURT, Germany (AP) — Carmaker Daimler AG says its second-quarter earnings rose 30 percent from a year ago on strong performances across its divisions, including record profits at luxury brand Mercedes.
Overall net profit was (euro) 1.7 billion ($2.5 billion) compared to (euro) 1.3 billion a year ago, beating estimates from stock market analysts.
The company said Wednesday that Mercedes turned in its strongest quarter ever with operating earnings of (euro) 1.56 billion.
Company revenues rose 5 percent to (euro) 26.3 billion.
The company said 2011 would turn out better than expected and that operating earnings would “very significantly exceed” last year’s results.
Daimler and German competitors BMW AG and Volkswagen AG have turned in strong earnings in recent quarters thanks to rapidly rising demand in emerging markets such as China, along with the recovery in sales in the United States.
Earnings per share at Stuttgart-headquartered Daimler for the second quarter came in at (euro) 1.51, ahead of the market consensus of (euro) 1.43.