Mercedes-Benz 2Q Earnings, Revenue Jumped
July 27 2023 - 1:41AM
Dow Jones News
By David Sachs
Mercedes-Benz on Thursday reported higher earnings and sales in
the second quarter after raising its guidance late Wednesday.
The German luxury-vehicle company said revenue rose to 38.24
billion euros ($42.39 billion) in the quarter from EUR36.44 billion
in the second quarter of last year. Earnings before interest and
taxes was EUR4.99 billion compared with EUR4.62 billion a year
prior.
Mercedes-Benz's cars division reported a return on sales of
13.5% compared with 14.2% last year, while the vans business had a
return on sales of 15.5%, up from 10.1%.
On Wednesday, the company raised its group EBIT guidance to be
level with last year, compared with a previous forecast of a slight
decline. The company's van business now expects to see an adjusted
return on sales of 13% to 15%, up from a prior forecast for 11% to
13% growth.
The company said it expects the economy to remain somewhat
subdued in the second half with above-average inflation in some
regions, which will weigh on consumers. But energy prices are
expected to remain lower, and the supply chain situation has
improved, Mercedes-Benz said.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
July 27, 2023 01:26 ET (05:26 GMT)
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