Daimler posted strong September and Q3 performance due to faster than expected recovery, according to press release. Strong Q3 performance is a result of company’s cost discipline, cash preservation measures, and efficiency enhancements. Performance also enhanced by expected receipt of 1.2 billion euro dividends from joint venture BBAC and working capital.
- Daimler expects positive momentum to continue in Q4, but with regular year-end seasonality.
- Q3 results a proof that Daimler is on the right path to reducing the break-even
- Daimler continued to seize opportunities in improving markets with Daimler trucks and buses and Mercedes-Benz cars and vans.
- Unaudited industrial Free Cash Flow was 5,139 million euros, up from consensus 2,973 million euros
- Unaudited Net Industrial Liquidity is 13.1 billion euros, up from Q2 9.5 billion euros.
- Earnings Before Interest and Tax (EBIT) is 3,071 million euros, up from consensus 1,950 million euros
- Expenses of 407 million euros from ongoing efficiency programs, including 68 million euros adjustment and realignment of capacities within the global production network
- Total legal proceedings and related measures of 2 million euros.
Daimler stock is gaining on strong quarterly results. DAI up 4.11%