Daimler reports Q3 revenue, operating profit increases

Daimler Truck AG reported increased revenue and earning profit in Q3. (Photo: Daimler)

Daimler Truck Holding AG had a productive third quarter and reported an increase in revenue to €13.9 billion in Q3, compared to €13.5 billion in Q3 2022, while its adjusted return on sales (ROS) rose to 9.8% year-over-year (9.4% in Q3 2022), and its adjusted EBIT grew to €1.34 billion in Q3 (€1.34 billion in Q3 2022).

Even though all of Daimler’s Q3 figures weren’t higher than last year’s, its unit sales (128,861 – down from 134,972 in Q3 2022) declined slightly due to supplier bottlenecks, Daimler said.

According to the company, its Q3 net profit of €957 million (€990 million in Q3 2022) was positively influenced by a one-time extraordinarily low tax rate.

Daimler also reported its earnings per share in Q3 was €1.13 (€1.17 in Q3 2022).

“Our results in the 3rd quarter show: We stay on track for success in 2023 as planned,” said Daimler CEO Martin Daum. “Daimler Truck again increased its revenue and EBIT and shows good profitability. Despite a volatile environment, we confirm our forecast for the full year 2023 and expect record earnings for Daimler Truck. At the same time, we keep on working consistently on the issue of cost efficiency and thus improve the resilience of our company in order to be able to achieve excellent results in the coming years, as well.”

Daimler’s Industrial Business (IB) had an increased adjusted EBIT of €1.295 billion (€1.223 billion in Q3 2022), and the IB’s free cash flow almost doubled from €592 million in Q2 2022 to €1,088 million in 2023’s third frame.

The company expects its IB’s adjusted ROS to range of 8.5-10%, and its Mercedes-Benz segment is predicted to have an adjusted ROS of 8-10%. Truck Asia is expected to reach an adjusted ROS of 4-6%, and Daimler Buses’ adjusted ROS should be in the 3-5% range.