Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.
Shares of Daimler AG (ETR: DAI) rose more than 2% on Friday after the owner of Mercedes Benz brand raised its profit forecast amid strong sales in China.
Daimler reported it sold 772,700 cars across the group, which is 8% lower compared to the same period a year ago. Revenue fell 7% to €40.3 billion from €43.3 billion. The group said it recorded strong sales numbers in China.
Still, EBIT rose 14% to €3.07 billion on stronger adjusted profit – €3.48 billion. Net profit was reported also higher at €2.15 billion. Daimler said its cash reserves stand at €5.10 billion.
“We have successfully pushed forward our comprehensive efforts regarding cost control and cash management. With this momentum, we are on track to make our business more weatherproof.
“However, the transformation of Daimler is a long-distance race. We are keeping up the pace with focus and full discipline,” Harald Wilhelm, Member of the Board of Management of Daimler AG, said in a statement.
Following higher profits it made Daimler in the last quarter, Daimler now forecasts an adjusted EBIT margin of between 4.5% and 5.5% for the full year at the car and vans unit, and 1% to 2% for the trucks division.
Daimler share price rose over 2% to erase most of this week’s losses and trade around the €49.00 handle.
PEOPLE WHO READ THIS ALSO VIEWED:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .