Mercedes-Benz thrid-quarter margins rebound on China boost

In this news, we discuss the Mercedes-Benz thrid-quarter margins rebound on China boost.

FRANKFURT (Reuters) – Strong demand for luxury cars in China in the third quarter helped push up margins at Daimler’s Mercedes-Benz DAIGn.DE division despite an overall drop in deliveries due to the COVID-19 pandemic, said Friday the automaker.

Mercedes-Benz Cars & Vans adjusted sales return fell to 9.4% in the quarter, down from 7% a year earlier and above the minus 1.5% margin Daimler posted in the second trimester.

Daimler said its adjusted profit before interest and taxes (EBIT) rose to 3.479 billion euros ($ 4.11 billion) in the quarter, from 3.14 billion euros the previous year.

The automaker added that it expected full-year EBIT to reach the levels of the previous year, and reiterated that it expects unit sales and revenue from the group in 2020 are significantly lower than in the previous year.

Reporting by Edward Taylor; Editing by Riham Alkousaa and Aditya Soni

Original © Thomson Reuters

Originally posted 2020-10-23 10:06:10.

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