FRANKFURT (dpa-AFX) - German commercial vehicle manufacturer Daimler
Truck reported on Friday a stable start to 2024 despite the economic
downturn.

In spite of the decline in sales in the first quarter, turnover was
just under ?13.3 billion ($14.3 billion) and thus slightly above the
previous year's figure, the DAX-listed company said.

Adjusted for special effects, earnings before interest and taxes
increased by 4% to ?1.21 billion.

In the industrial business - excluding financial services - Daimler
Truck increased its adjusted operating margin by half a percentage
point to 9.3%. Analysts had expected a smaller increase.

Things went better in the lucrative North American market and in the
bus division. Group profit climbed from ?795 million a year earlier
to ?847 million.

The management around chief executive Martin Daum confirmed the
annual forecasts. 'We are on track with our financial targets for the
year as a whole, but are increasingly feeling the headwind in
Europe,' said the manager.

The company's new orders have been declining for some time now,
because the strong orders from and after the Covid-19 pandemic are
slowing down. In the first quarter, the group's incoming orders fell
by 14% to 105,807 vehicles.


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