Daimler says underlying profits up in Q3

[Frankfurt] German auto giant Daimler said Tuesday that underlying profits were higher in all divisions in the third quarter and it was sticking to its forecast for the full-year.

Daimler, which will publish full details of its third-quarter results on October 23, said in a statement that underlying or operating profit was up in all divisions.

In the biggest, Mercedes-Benz Cars, earnings before interest and taxes (EBIT) increased by 29 per cent to 1.614 billion euros (US$2.05 billion), the statement said.

The Daimler Trucks division reported a 16.7 per cent rise in EBIT to 618 million euros and Mercedes-Benz Vans saw its underlying profit jump by 15.8 per cent to 176 million euros.

In the Daimler Buses division, EBIT advanced by 4.9 per cent to 64 million euros and in Daimler Financial Services it was up 10.2 per cent at 355 million euros.

Daimler said that its outlook for the individual divisions was unchanged.

Full-year EBIT at Mercedes-Benz Cars, Daimler Trucks and Daimler Buses was projected to come out "significantly above" the previous year's level.

Full-year profit at Daimler Financial Services would be "slightly above" last year's level and at Mercedes-Benz Vans, it would match the previous year's figure, Daimler said. AFP