|Bid||0.00 x 124500|
|Ask||0.00 x 73800|
|Day's Range||47.88 - 49.12|
|52 Week Range||21.01 - 54.50|
|Beta (5Y Monthly)||1.70|
|PE Ratio (TTM)||1,668.97|
|Earnings Date||Oct 23, 2020|
|Forward Dividend & Yield||0.90 (1.86%)|
|Ex-Dividend Date||Jul 09, 2020|
|1y Target Est||62.70|
Daimler Trucks sold 25% fewer units in the third quarter. But new orders doubled from the previous three months as the impact of the COVID-19 pandemic eased.Third-quarter unit sales fell to 99,000 vehicles versus 126,000 in the same period a year ago.New truck orders were up 3% over the year-ago third quarter. They doubled from the April-June period when Daimler and other truck makers shuttered plants for six weeks. Revenues decreased by 20% to €9.2 billion ($10.9 billion). Earnings before interest and taxes (EBIT) was €603 million ($714 million). Adjusted return on sales was at 6.5%. "We're coming from an extraordinary high level of sales in 2019," Harald Wilhelm, a member of the Daimler AG Board of Management, said on a conference call with analysts Friday. "By the end of Q3, we were able to see some signs of normalization in the core markets in North America and Europe."Severe losses in the first half of the year gave way to market share gains in most markets. That was despite significantly lower sales in most regions compared to the third quarter of 2019."Strict cost control and progressive execution of restructuring activities resulted in a noticeable reduction of fixed costs as well," Wilhelm said.Product introductions Daimler Trucks revealed significant products for its future that targets carbon neutrality in its major markets by 2039. A hydrogen-based fuel cell concept truck for the long-distance segment offers a range of up to 1,000 kilometers (621 miles). A battery-electric version of the eActros long haul will be ready for production in 2024. It will have an approximate range of 500 kilometers (311 miles) on one battery charge.Daimler Trucks North America (DTNA) introduced the Western Star 49X vocational truck, a product to take market share from off-highway leaders Peterbilt and Kenworth, both part of PACCAR Inc. (NASDAQ: PCAR). In Europe, Mercedes-Benz Trucks introduced the Turo with Active Brake Assist 5.Related articles: Daimler says it is well financed to weather COVID-19Daimler Trucks pledges carbon neutrality in key markets by 2039All-new Western Star 49X vocational truck breaks coverClick for more FreightWaves articles by Alan Adler.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Uber, Lyft Ordered To Classify Drivers As Employees, But Election Day In California Could Be More Important * Union Pacific Seeks To Sweat Its Assets(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- Daimler AG raised its full-year profit forecast and Renault SA topped revenue estimates, the latest signs the global auto industry is emerging from its worst slump in decades.Daimler, maker of Mercedes-Benz cars and trucks, now sees 2020 earnings before some items matching last year’s level, rather than declining. At Renault, sales of its battery-powered Zoe more than doubled in the third quarter, while orders rose and inventories fell.The upbeat news from two of Europe’s biggest automakers, which helped send the region’s car stocks higher Friday, follows better-than-expected results from BMW AG and Tesla Inc. The spotlight will move to Ford Motor Co., Volkswagen AG and merging companies PSA Group and Fiat Chrysler Automobiles NV, as investors look to see whether their results confirm the trend.Automakers have reined in costs, while pent-up demand and government incentives helped propel sales in some countries. Still, the prospects for a lasting recovery remain clouded by the resurgence of Covid-19.“It’s difficult to predict what the proceedings are going to be with regards to Covid and a potential second wave in November and December -- that’s why I would make a caveat,” Daimler Chief Financial Officer Harald Wilhelm said in a Bloomberg TV interview. But customer demand is strong and Daimler has “a good track record now on the optimal performance, cost discipline and we want to take that into the fourth quarter,” he said.Clotilde Delbos, Renault’s deputy chief executive officer, expressed similar concerns. “The new wave of the pandemic in Europe has reduced our visibility significantly and obliged us to keep some cautiousness about what we can say regarding our perspective,” she told analysts Friday.Even before the global health crisis, Renault was suffering from overcapacity in its factories and problems at alliance partner Nissan Motor Co. Its expectation for positive free cash flow in the second half from automotive operations would be “quite different” if European governments moved to new lockdowns, Delbos said.Authorities in Europe have ratcheted up measures to counter the pandemic -- from curfews to shop closures -- while stopping short of the national lockdowns that devastated economies earlier this year, shuttering car showrooms and factories.For now, the positive signals from automakers are extending to suppliers. Tiremaker Michelin raised its outlook for the year after sales bounced back in the latest quarter on growth in China and North America. Auto-parts supplier Faurecia on Friday boosted its forecast for global auto production in the second half as well as its own financial targets.(Adds Daimler CEO comment in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Daimler AG (OTC: DMLRY) revised its full-year and fourth-quarter financial outlook in the third-quarter 2020 report on Friday.Earnings per share for the quarter ended Sept. 30 grew 19% year-over-year to €1.92. Cumulative EPS from January to September 2020 fell 94% YoY to €0.13.Key Highlights for Q3 2020: Revenue for the quarter declined 7% to €40.28B, led by an 8% decline in unit sales to 772,703.EBIT grew 14% to €3.07B, stemming from better-operating margins due to cost-cutting and cash-preservation measures.Unit sales slumped across all regions, excluding Asia. The unit sales from Asia increased by 9%, driven primarily by a 23% rise in China.Free Cash Flow for the industrial business increased significantly to €5.1 billion, compared to €685 in the previous quarter. The massive jump was derived from successful cash preservation measures, a revival of operating performance across divisions, and a dividend of €1.2 billion from the Beijing Benz Automotive Company Ltd (BBAC) joint venture.Total R&D costs during the quarter fell 5.7% sequentially to €2.12 billion, driven by a €139 million reduction in capitalized development costs.View more earnings on DMLRYQ3 Capital expenditure of €1.9 billion dropped 33% YoY and 11% sequentially.Outlook: Considering no further lockdowns, the management estimates continued benefits from the cost reduction measures coupled with the positive market momentum for Q4.The Management anticipates Q4 performance could partially offset the negative impact due to the pandemic outbreak on unit sales. Based on this assumption, they forecast that the group unit sales and group revenues for FY 2020 would remain below the previous year's figures. However, EBIT margins for 2020 are anticipated to return to 2019 levels.The management revised the expected adjusted return of sales from Mercedes-Benz Cars & Vans in the range 4.5% to 5.5%, and Daimler Trucks & Buses between 1% to 2%.The automaker's FY 2020 adjusted cash conversion rate (ratio of cash flow to EBIT) for Mercedes-Benz Cars & Vans segment and Daimler Trucks & Buses segment is pegged at 1 and 2, respectively.Price Movement: DMLRY shares closed 0.28% higher to $14.20 on Thursday.Image Courtesy: WikimediaSee more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Uber Interested In Acquiring BMW, Daimler's Europe Ride-Hailing App: Bloomberg(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.