Daimler Reports Its First Quarterly Profit in a Year
Daimler AG Tuesday reported its first quarterly profit in a year, saying it earned about $61 million, or 4 cents a share, in the third quarter, down from about $200 million, or 21 cents, a year ago.
The parent company of Daimler Trucks North America, which makes Freightliner Trucks, had taken about $5.7 billion in losses in the previous three quarters as the global recession hit the auto and truck industry.
The profit was largely boosted by the company’sauto division, Bloomberg reproted. Germany-based Daimler reports its earnings in euros.
Daimler’s worldwide truck division is “still operating in a difficult marketing environment,” the company said in a statement.
Unit sales in North America — including Freightliner and Sterling Trucks, as well as Thomas Built buses — totaled 15,200 vehicles, down 41% from a year ago.
Asian sales also declined more than 40%, though the company said it sees long-term growth in Russia.