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Daimler returns to black, sees positive Q4 (Roundup)
Oct 27, 2009, 12:16 GMT
Stuttgart - German luxury car group Daimler AG reported Tuesday it returned its operations and net to the black in the third quarter of 2009 and also expected positive results in the final quarter.
Ending a three-quarter red-ink streak, the company managed a net profit of 56 million euros (83.3 million dollars) in the third quarter, beating analysts' expectations and coming after the company had lost 1.06 billion euros in the second quarter.
The net result came on operating results (EBIT) of 470 million euros, after Daimler had posted an EBIT of minus 1 billion euros in the preceding quarter.
The third-quarter earnings came on revenues of 19.3 billion euros, down slightly from 19.6 billion in the second quarter.
Company chief executive officer Dieter Zetsche praised the results and expressed confidence about the future.
'In recent months, we have increasingly mastered the crisis. Daimler has been able to maintain its financial flexibility and has intensified the actions taken to enhance efficiency, while pushing forward with the development of new products and markets,' he said.
'We are now very well positioned and can look with confidence to the coming year, which will remain challenging due to the still- difficult situation of automobile markets worldwide,' Zetsche added.
Looking ahead, Daimler also anticipated positive EBIT results in the final quarter of 2009, the company said.
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