{"id":105748,"date":"2021-01-28T21:49:32","date_gmt":"2021-01-28T21:49:32","guid":{"rendered":"https:\/\/fin2me.com\/?p=105748"},"modified":"2021-01-28T21:49:32","modified_gmt":"2021-01-28T21:49:32","slug":"daimler-2020-operating-profit-beats-guidance-and-forecasts","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/daimler-2020-operating-profit-beats-guidance-and-forecasts\/","title":{"rendered":"Daimler 2020 operating profit beats guidance and forecasts"},"content":{"rendered":"
FILE PHOTO: Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS\/Fabian Bimmer<\/figcaption>

FRANKFURT (Reuters) – Daimler said on Thursday a strong fourth quarter helped it post better-than-expected 2020 group operating profit and that it was optimistic for 2021.<\/p>\n

The Stuttgart-based maker of Mercedes-Benz cars and trucks warned, however, that current shortages in semiconductors and COVID-19 disruptions would probably affect the first quarter.<\/p>\n

Thanks to cost savings and a faster-than-expected recovery in the auto sector, group earnings before interest and taxes (EBIT) for 2020 came to 6.60 billion euros ($8 billion), above consensus for 5.25 billion euros, the carmaker said, citing preliminary figures. That is up 52% from 4.329 billion euros for 2019.<\/p>\n

\u201cGiven the development of successful cost discipline continued in the fourth quarter and expected good underlying demand, Daimler also anticipates a positive business development in 2021,\u201d the company said.<\/p>\n

Volkswagen, by contrast, said last week that 2020 profit almost halved due to the pandemic, while BMW said it exceeded expectations by some metrics.<\/p>\n

Daimler, like its competitors, has faced a bottleneck in the semiconductors after chip manufacturers earlier in the coronavirus crisis shifted production away from the hard-hit auto sector to serve other areas, like consumer electronics.<\/p>\n

The auto recovery has left companies like Daimler in short supply of the essential components, causing them to halt or slow production.<\/p>\n

Daimler will publish complete fourth-quarter figures and more detailed 2021 guidance on Feb. 18.<\/p>\n

($1 = 0.8241 euros)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. 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