Daimler Truck sees higher returns as supply chains, demand improve
BERLIN (Reuters) – Daimler Truck reported on Tuesday an adjusted return of sales of 8.8% in the first quarter of the year, up from 5.9% last year and towards the top end of its annual outlook for 2023, on a rise in revenue of 25%.
The truck and busmaker confirmed preliminary results released late April of a 78% jump in operating profit to 1.162 billion euros ($1.28 billion).
Its Asia business, which struggled in 2022, yielding just a 2.6% margin, saw some improvement in the first quarter, reaching a margin of 4.6%.
Its North America and Europe divisions saw returns of 11.6% and 8.8% respectively, in line with long-term targets.
Broadly, global supply chains were stabilising and demand was up compared to this time last year, the statement said, as illustrated by the 15% jump in unit sales to just over 125,000 units.
The company kept its outlook from earlier this year unchanged, forecasting 55-57 billion euros in revenue for the year and 7.5-9% adjusted returns.
($1 = 0.9084 euros)
(Reporting by Victoria Waldersee, Editing by Rachel More)
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.