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Back in the fast lane

October 24, 2013

German auto- and truckmaker Daimler has said it's pleased with results in the third quarter, signaling a turnaround after many months of sluggish sales and earnings. The company profited from a range of new models.

Mercedes S series production facility
Image: picture-alliance/dpa

Daimler reported Thursday it's net profit jumped by a staggering 53 percent in the third quarter, compared to the same period a year earlier. Bottom-line income rose to 1.9 billion euros ($2.6 billion) from 1.24 billion euros logged between July and September 2012.

The firm announced third-quarter revenue increased by 5 percent to 1.2 billion euros, helped by stronger performance of its luxury brand, Mercedes-Benz.

CEO Dieter Zetsche indicated that boosted sales volumes were attributable in no small way to an expanded range of compact cars, with more new models to hit the market as of 2014.

Stock rally

"Third-quarter figures show our high investment has been money well spent," Zetsche said in a statement. "We will continue to invest more in products and facilities to ensure the company's sustainable economic success."

Mercedes debuts its "royal baby"

Daimler noted sales had been particularly strong in China, the US and Western Europe despite the ongoing debt crisis there. The Stuttgart-based company said it expected its full-year operating profit to come in at 7.5 billion euros. While this would still be less than the 8.1 billion euros booked last year, it would mean a huge leap forward from the sluggish first half of 2013.

Investors seem to put big faith in Daimler's development as the shares of the DAX-listed firm have already gained 40 percent this year, making it the third-strongest stock in the blue-chip index.

hg/kms (dpa, Reuters, AP)