Daimler Shares Grow on EBIT Estimates

German carmaker Daimler experienced a 6.6 percent rise in shares early in the morning on Xetra, following the release of the company's preliminary figures for the first quarter of 2010. Additionally on Monday, Daimler rose 5.7 percent on the New York Stock Exchange.

With the full quarterly results expected to be made public on April 27, Daimler's initial figures point to group revenues of 21.2 billion euros, with the group's Earnings before Interest and Taxes (EBIT) including special reporting items, expected to be situated at around 1.2 billion euros, a figure above market expectations (UniCredit Bank estimated the value at almost half, 664 million euros). For the same period of last year, Daimler reported a 1.4 billion loss.

For the full 2010, Daimler expects an EBIT of 2,5 to 3 billion from all its businesses. This is an increase from the initial forecast, which saw EBIT levels at around 2.3 billion euros.

"The EBIT in the first quarter was supported by very solid results at Mercedes-Benz Cars in consequence of strong sales, model mix and pricing as well as a favorable overall cost position during the first quarter," Daimler said in a statement.

Taken division by division, Mercedes-Benz Cars alone contributed 806 million euros, followed by Daimler Trucks, with 130 million. Daimler Financial Services ranked third (119 million), while Mercedes-Benz Vans (64 million) and Daimler Buses (41 million) completed the preliminary figures.