By Jessica Sier 
 

Daimler AG said late Thursday that it expects to report a loss for the second quarter following coronavirus-related shutdowns, and that it will need to continue its cost cutting program for the rest of the year.

The German premium car company said it expects to report a loss before interest and taxes of 1.68 billion euros ($1.91 billion).

According to FactSet data, analysts expect Daimler to report a loss before interest and taxes of EUR1.66 billion for the second quarter.

The adjusted loss before interest and taxes will likely come in at EUR708 million, the company said in its preliminary results.

The owner of Mercedes-Benz said it expects industrial free cash flow to come in at EUR685 million and net industrial liquidity to be EUR9.5 billion.

"This has been a complex quarter," Daimler said in a statement. "Our systematic efforts to lower the breakeven of the company by reducing costs and adjusting capacity will need to continue."

The full quarterly results will be published on July 23.

 

Write to Jessica Sier at jessica.sier@wsj.com

 

(END) Dow Jones Newswires

July 17, 2020 01:31 ET (05:31 GMT)

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