Daimler announces growing third quarter profit on gains in Europe, China

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Germany’s Daimler AG, the parent company of Mercedes-Benz Cars, reported third quarter operating profit that increased by around a third thanks to increasing demand in its home region and the world’s leading auto market, China. New product introductions have also jumped its luxury car deliveries to a new record, and Daimler announced Thursday its adjusted earnings before interest and tax (EBIT) have grown to 3.66 billion euros, more than analysts forecasted. Daimler remained firm on its forecast of a significant sales advancement, coupled with equally massive gains in terms of revenue and EBIT – thanks to a host of new and redesigned models from the refreshed A Class compact to the all new GLC and redesigned GLE sport utility vehicles that all premiered last month. The Stuttgart-based group meanwhile dropped the count on the heavy truck sales – down from a significant to a slight increase in deliveries. While Mercedes-Benz has been the world’s third largest luxury automaker over the past four years, so far this year the Daimler unit has managed to overcome second placed Audi by 28,474 sales after the first nine months. Mercedes has also been able to recover much of the ground between itself and BMW and Audi in China this year with quarterly deliveries alone jumping 43 percent. The more important earnings margin during the third quarter from ongoing business at the flagship Mercedes-Benz Cars unit also soared from 8.5 percent to 10.5 percent now. Via Reuters