Daimler First-Quarter Earnings Exceed Projections on China Sales

(Bloomberg) — Automaker Daimler AG said first-quarter earnings “significantly” topped estimates, driven by strong demand for its flagship Mercedes-Benz cars, particularly in China.

Group earnings before interest and tax was 5.75 billion euros ($6.9 billion) for the first three months of the year, compared with analysts’ consensus estimate for 4.96 billion euros, the German carmaker said in a preliminary earnings statement Friday.

“Favorable sales momentum at Mercedes-Benz Cars, driven by all major regions, especially China, strongly supported the product mix and pricing in the first quarter,” the company said in the statement. Earnings at the Mercedes cars & vans unit was 4.08 billion euros on the same basis, compared to consensus estimates of 3.54 billion euros.

Mercedes’ first-quarter global car sales climbed 22% to 581,270 vehicles, with Daimler’s main division posting a 60% jump in China deliveries, it said earlier this month.

Daimler will release full quarterly results April 23.

Contact editor Michael Bellart (michaelbellart@caixin.com)

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