Daimler posts second quarter profits

|  August 02, 2010 |

Daimler AG posted a profit in the second quarter 2010 with a net profit of $1.7 billion during the quarter, up from a net loss of $1.38 billion in the second quarter 2009. Daimler attributes its turn-around to growth in the car and tuck markets as well as the company’s product and efficiency improvements.

The company boasted earnings before interest and taxes at $2.7 billion, up from a loss of $1.3 billion in the same quarter last year. Daimler Trucks’ sales went up 55 percent to 83,800 vehicles in the quarter with revenues of $7.7 billion, up from $5.5 billion in the same quarter last year. The segment posted positive earnings of $391 million in the quarter, up from a loss of $662 million last year. Mercedes-Benz Cans reported revenues totaling $2.6 billion after a 42-percent increase in sales to 59,400 vehicles.

After the success of the quarter, Daimler raised its expected earnings to $1.3 billion for Daimler Trucks for the fiscal year 2010.

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