Automotive industry Daimler Truck comes off better than expected

The commercial vehicle manufacturer Daimler Truck continued to feel the effects of the weakness of the European economy in the third quarter. However, thanks to the still buoyant market in North America, the Swabian company was able to keep the decline in earnings in check.

Adjusted for special effects, earnings before interest and taxes fell across the Group by 12 percent to 1.19 billion euros, as the DAX-listed company announced. Analysts had expected larger losses on average.

Turnover fell by 5 percent to 13.1 billion euros due to the drop in sales. At the bottom line, earnings per share fell by almost a third to 0.77 euros due to a write-off of receivables in China.

Orders for new vehicles fell by 4.0 percent to 94,709 vehicles in the quarter. The management around CEO Karin Radström confirmed the forecast for the year, which was lowered at the end of July.

SDA