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Daimler 2020 operating profit beats guidance and forecasts

Daimler 2020 operating profit beats guidance and forecasts

FILE PHOTO: Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer

FRANKFURT: Daimler said on Thursday that a strong fourth quarter helped it post better-than-expected 2020 group operating profit and that it was optimistic for 2021.

Group earnings before interest and taxes (EBIT) for 2020 came to 6.60 billion euros (US$8 billion), above consensus for 5.25 billion euros, the carmaker said, citing preliminary figures.

"Given the development of successful cost discipline continued in the fourth quarter and expected good underlying demand, Daimler also anticipates a positive business development in 2021," the company said.

The Stuttgart-based maker of Mercedes-Benz cars and trucks said that the current shortages in semiconductors and the COVID-19 disruptions would probably impact the first quarter.

Daimler will publish complete fourth-quarter figures and more detailed 2021 guidance on Feb. 18.

(US$1 = 0.8241 euros)

(Reporting by Tom Sims; Editing by Maria Sheahan)

Source: Reuters

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