Daimler's revenue in Q2 rises to €42.7B

Wednesday, 24. July 2019 07:44

German carmaker Daimler AG reported on Wednesday that its revenue in the second quarter of 2019 rose 4,65% year-over-year to reach €42.7 billion. In the same timeframe, the company's earnings before interest and credit turned negative, amounting to negative €1.55 billion, dropping from around €2.6 billion recorded in the second three months of 2018, which also reflected on the diluted earnings per share of negative €1.24 per share.

Out of this, the loss attributable to Daimler's shareholders stood at €1.33 billion, while the net loss for the whole group was 1.24 billion in the second quarter of 2019 alone. The automotive giant blamed the prior introduction of punitive tariffs in the trade conflict between Washington and Beijing for a reduction of its stock-market prices in the latest quarter, as well as the correction of the carmakers' stock at the beginning of the second quarter. On the other hand, the whole group marked a 1.37% reduction in car sales annually, with a 3% drop in the sales of the Mercedes-Benz models.

"In the second quarter of 2019, expenses primarily from a reassessment of risks relating to ongoing governmental and court proceedings and from measures taken with regard to Mercedes-Benz diesel vehicles and an updated risk assessment for an expanded recall of vehicles with Takata airbags especially at the Mercedes-Benz Cars and Mercedes-Benz Vans divisions had a significant impact on the substantial decrease in earnings," the company said in the press relase.

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Breaking the News / MA