Daimler's Q1 EBIT Jumps by 71 Percent

The financial figures for the first quarter of the year, posted today by German auto group Daimler, are more than enough to please all those involved in the business. The Germans managed in the first three months of the year to raise earnings before interest and taxes (EBIT) amounting to EUR2 billion, an increase of over 71 percent compared to the same figures reported for the first quarter of 2010.

The number means that Daimler will be able to post a net profit of EUR1,180 million. The sum comes from the selling of 461,700 cars and commercial vehicles in the first three months of the year, an increase of 15 percent over last year. The growth has been achieved thanks to the contribution of the other divisions as well.

Daimler expects to take a minor hit from the natural disaster in Japan. The help it has pledged will cost the automaker an undisclosed sum. In addition, disaster-related expenditures amounted to EUR49 million at Daimler Trucks and EUR29 million at Daimler Financial Services.

“We achieved excellent earnings in the first quarter. This puts us well ahead of our planning and confirms our positive outlook for the year 2011,” said Dieter Zetsche, Daimler chairman of the board.

“We are on the right track. We want to delight our customers with fascinating products and strong brands, and we intend to continue our profitable growth. To go new ways successfully, we are building on our proven strengths: continuous innovation, new technologies and an outstanding team. We are consistently implementing this strategy.” 
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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