Car and truck maker Daimler has said it managed to almost double its operating profit in the first quarter. The company cited strong sales and a successful savings program as reasons for the progress.
Stuttgart-based Daimler reported Wednesday its operating profit rose by 95 percent in the first three months of the year compared with the same period in 2013.
Earnings before interest and tax came in at 1.8 billion euros ($2.48 billion), with net profit amounting to roughly 1 billion euros, in spite of negative one-off effects.
The German company said the successful first quarter came on the back of a mix of new models that had sold extremely well with customers in China and other important markets around the globe.
Aiming to outshine competitors
But the figures also reflected the progress Daimler had made in its current large-scale savings program. It is aimed at making the company more efficient and giving it an edge over its domestic archrivals BMW and Audi.
Daimler logged a 13-percent boost in revenues to total 29.5 billion euros from January to March, in spite negative currency exchange factors.
Investors initially appeared pleased with Daimler's earnings report, with the carmaker's shares being the biggest gainer in pre-market DAX trading at the Frankfurt Stock Exchange, but the stock took a dive after trading started.
hg / kpc (Reuters, dpa)