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Daimler Swings to Profit, Sales Jump 24%

Updated from 5:48 a.m. EST

STUTTGART, Germany ( TheStreet) -- Daimler (DDAIF), the German carmaker, swung to a profit of €1.14 billion ($1.54 billion) in the fourth quarter from a year-earlier loss of €352 million as revenue jumped 24%.

Daimler, in a statement Wednesday, said 2010 profit was €4.67 billion vs. a loss of €2.64 billion in 2009.

Sales in the quarter rose to €26.4 billion from €21.32 billion. Sales in 2010 rose 24% to €97.76 billion.

Daimler proposes to pay a dividend of €1.85 a share after not making a dividend payment in 2009.

Daimler said fourth-quarter earnings before interest and taxes was €1.56 billion. Analysts surveyed by Thomson Reuters expected €2.05 billion.

The carmaker said EBIT in 2010 was €7.27 billion, a swing from a year-earlier loss of €1.51 billion. It expects EBIT from the ongoing business in 2011 to "surpass the level of 2010 significantly."

Daimler said it sold a total of 1.9 million vehicles in 2010, an increase of 22%.

Unit Sales at Mercedes-Benz rose 12% in the fourth quarter and 17% in 2010.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

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