By Kim Richters 
 

Daimler AG said Thursday that results in the second quarter of the year were above market expectations despite negative effects from the shortage of semiconductor components.

According to preliminary figures, the German car maker's group earnings before interest and taxes came in at 5.19 billion euros ($6.14 billion). This compared with consensus estimates provided by the company of EUR4.12 billion and a prior-year loss before interest and taxes of EUR1.68 billion.

On an adjusted basis, EBIT for the group came in at EUR5.42 billion, compared with a loss of EUR708 million in the same period 2020 and consensus expectations of EUR4.29 billion.

"We continue to deliver a strong financial performance in all divisions despite the ongoing low availability of semiconductors, which negatively impacted our production and sales in the second quarter," said Chief Executive Ola Kallenius.

The auto maker said its Mercedes-Benz Cars & Vans division benefited from favorable product mix, pricing and continuing cost control, and it was able to generate double-digit margins for the third quarter in a row. Adjusted return on sales was 12.8%, compared with minus 1.5% in the same quarter the year earlier and expectations of 11.5%. Adjusted EBIT at the car business was EUR3.60 billion.

At its commercial-vehicle division Daimler Trucks & Buses, adjusted return on sales was 8.3%, compared with minus 12.0% year-prior and consensus of 6.9%, and adjusted EBIT came in at EUR831 million.

Daimler will release full results for the second quarter on July 21.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

July 15, 2021 01:49 ET (05:49 GMT)

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