DaimlerChrysler Posts Smaller-Than-Expected Loss
DaimlerChrysler (DCX) posted a big loss for the first quarter, though it was narrower than analysts expected.
The German automaker, which has been struggling with its U.S. Chrysler unit, recorded a loss of 33 cents a share excluding certain items. Analysts had expected it would lose 47 cents a share, according to Thomson Financial/First Call.
The company noted that it's in the midst of a turnaround program, which includes job cuts. For the year, it expects operating profit adjust for one-time items to be $1.1 billion to $1.5 billion. It said gains from actions likes the sale of Adtranz will offset the one-time charges at Chrysler and Mitsubishi Motors. "DaimlerChrysler is confident that it can make a sustained improvement in earnings with the measures being taken, and that as early as 2003, earnings will return to 1999 levels," the company said.
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