The company's flagship Mercedes brand saw sales fall in the key Chinese market as it reorganized its sales operation there. High spending of 1.6 billion euros on new plants and equipment also hurt earnings for the quarter.The company said that earnings before interest and tax for this year would come in below last year's figure of 8.1 billion euros, due to lowered market expectations and the weak first quarter performance. The company had previously said this year's earnings would match last year's.
Q1 Profits Down Sharply At Automaker Daimler
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts