Daimler Truck Shares Slip After Sales Dip
By David Sachs
Daimler Truck shares fell in early trading Friday after the company warned of a cooling market, despite posting higher earnings in the first quarter that exceeded expectations.
At 0728 GMT, shares in the German truck and bus maker were down 5.6% at EUR40.18 after falling as low as EUR39.44.
Sales fell 13% compared with a year ago, but the manufacturer confirmed its full-year guidance after revenue, though stable, beat analyst expectations.
Adjusted earnings before interest and taxes rose 4% to 1.21 billion euros ($1.30 billion), exceeding Daimler Truck's company-compiled consensus of EUR1.17 billion.
"While we are on track towards our financial targets for the full year, headwinds in Europe are increasing," Chief Executive Martin Daum said.
The company confirmed its full-year guidance, which calls for revenue and adjusted EBIT at 2023 levels, and adjusted return on sales margin between 9% and 10.5%. Daimler Truck posted a 9.3% adjusted return on sales margin last quarter.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
May 03, 2024 04:01 ET (08:01 GMT)
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