By Giulia Petroni

 

Daimler AG reported second-quarter results on Thursday morning. Here's what we watched:

 

NET LOSS: The German premium car maker booked a loss of 2 billion euros ($2.31 billion) for the period compared with a loss of EUR1.33 billion for the year earlier.

 

REVENUE: Second-quarter revenue came in at EUR30.18 billion, down 29% on year but above a FactSet-compiled consensus that forecasted the figure at EUR28.05 billion.

 

WHAT WE WATCHED:

 

-GUIDANCE: Daimler reinstated full-year guidance, saying it expects earnings before interest and taxes and industrial cash flow to be positive, assuming the economy recovery continues. The figures are still expected to be lower than last year.

-CORONAVIRUS: The pandemic is expected to continue to have a significant impact on the rest of the year, but the company said it assumes a recovery of the economy and of unit sales in the second half.

-CASH FLOW: According to analysts at Citi, the free cashflow beat in the quarter was likely driven by improved inventories and capex coming in at about EUR400 million lower than in the previous-year period.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

July 23, 2020 09:07 ET (13:07 GMT)

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