Stake sale lifts Q4 net at Daimler to US$3.1b
Source: Agencies |
February 8, 2013, Friday
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A ONE-OFF gain from the sale of an investment helped boost German automaker Daimler AG's net profit in the fourth quarter of 2012, offsetting higher costs.
The Stuttgart-based company said yesterday that net profit was 2.3 billion euros (US$3.1 billion), up from 1.79 billion euros in the same quarter last year, thanks to the sale of a 7.5 percent stake in European defense company EADS.
That sale, which reaped a 709 million euro gain, masked a 2 percent fall in Daimler's operating profit in the period, to 8.6 billion euros from 8.8 billion euros in 2011 as the firm invested heavily in new plants and models.
"The past financial year was overall a strong year for Daimler with some great achievements, but also with clear potential for improvement," said CEO Dieter Zetzche.
"Notwithstanding our success and the numerous pioneering investments in 2012, it is a fact that we did not reach our own targets for earnings and profitability."
Looking ahead, Daimler said that major markets will remain weak in the first half of this year, but that with the introduction of new models and as efficiency measures start to pay dividends, "earnings are expected to improve in the second half of 2013 compared with the level of the first half."
Operating profit from ongoing business fell to 8.1 billion euros in 2012 from 9 billion euros in 2011, whereas the company had expected it to remain flat.
Daimler said is predicting its operating profit from ongoing business for 2013 should reach 2012 level.
Daimler's sales rose 4 percent in 2012 to 2.2 million vehicles, up from 2.1 million in 2011.
The Stuttgart-based company said yesterday that net profit was 2.3 billion euros (US$3.1 billion), up from 1.79 billion euros in the same quarter last year, thanks to the sale of a 7.5 percent stake in European defense company EADS.
That sale, which reaped a 709 million euro gain, masked a 2 percent fall in Daimler's operating profit in the period, to 8.6 billion euros from 8.8 billion euros in 2011 as the firm invested heavily in new plants and models.
"The past financial year was overall a strong year for Daimler with some great achievements, but also with clear potential for improvement," said CEO Dieter Zetzche.
"Notwithstanding our success and the numerous pioneering investments in 2012, it is a fact that we did not reach our own targets for earnings and profitability."
Looking ahead, Daimler said that major markets will remain weak in the first half of this year, but that with the introduction of new models and as efficiency measures start to pay dividends, "earnings are expected to improve in the second half of 2013 compared with the level of the first half."
Operating profit from ongoing business fell to 8.1 billion euros in 2012 from 9 billion euros in 2011, whereas the company had expected it to remain flat.
Daimler said is predicting its operating profit from ongoing business for 2013 should reach 2012 level.
Daimler's sales rose 4 percent in 2012 to 2.2 million vehicles, up from 2.1 million in 2011.
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