Daimler Net Profit Up on Higher Sales

Daimler Net Profit Up on Higher Sales

Net profit jumped 53% year-on-year to $2.54 billion.

BERLIN -- Daimler (IW 1000/18), maker of Mercedes-Benz luxury vehicles, said Thursday its net profit rose in the third quarter, helped by higher auto and truck sales as well as efficiency gains.

Net profit jumped 53% year-on-year to 1.84 billion euros (US$2.54 billion) in the three-month period to September as income tax payments fell.

Operating profit rose 16% to 2.23 billion euros, slightly better than a forecast of 2.07 billion euros from analysts polled by Dow Jones Newswires.

"This shows that the high investments we have made were money well spent," said chief executive officer Dieter Zetsche.

The Stuttgart-based company gave a forecast for the full year, predicting earnings before interest and tax at about 7.5 billion euros, below the previous year's 8.1 billion euros.

Previously the company had only said profit would decline as it invests in new models.

Copyright Agence France-Presse, 2013

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