Daimler Posts Lower Q4 Loss; Cancels 2009 Dividend - Update
Created 02/19/2010, 10:47:52 am
19/02/2010
German auto maker Daimler AG on Thursday reported a narrower loss for the fourth quarter, benefiting from comparitively higher unit sales and revenues from Mercedes-Benz Cars. Daimler also posted a net loss for the full year, and said that no dividedn has been recommended for the year, sending the company's shares down by over 6% in pre-market trade.
For the fourth quarter, Daimler's net loss narrowed to EUR 0.35 billion or EUR 0.34 per share from a loss of EUR 1.53 billion or EUR 1.61 per share in the prior-year period. Net loss from continuing operations was EUR 0.35 billion or EUR 0.34 per share compared to a loss of EUR 1.26 billion or EUR 1.32 per share a year earlier.
Earnings before interest and tax, or EBIT, were EUR 0.45 million versus a loss of EUR 1.95 billion in the same quarter last year, reflecting charges related to optimizing and repositioning the business operations of subsidiaries Mitsubishi Fuso Truck and Bus Corporation and Daimler Trucks North America.
The company noted that Chrysler had a negative impact of EUR 294 million on Daimler's EBIT in 2009, mainly resulting from the agreement concluded in the second quarter, in the context of which Daimler disposed of its remaining 19.9% of Chrysler shares.
Revenues for the period dropped 11% to EUR 21.32 billion from EUR 24.00 billion in the fourth quarter last year, hurt by lower vehicle unit sales.
In the sequential third quarter, the Stuttgart, Germany-based automaker reported a net profit of EUR 56 million or EUR 0.04 per share on revenues of EUR 19.31 billion.
On a segmental basis, revenues from Daimler Trucks plummeted 36% to EUR 4.84 billion from EUR 7.55 billion last year, and Mercedes-Benz Vans revenues were EUR 1.84 billion versus EUR 2.20 billion in the prior year. Daimler Buses generated revenues of EUR 1.21 billion, down 12% from EUR 1.37 billion in the comparable period a year ago, and revenues from Daimler Financial Services were EUR 2.87 billion compared with EUR 3.24 billion in the 2008-year period. However, revenues from Mercedes-Benz Cars grew 7% to EUR 11.45 billion from EUR 10.75 billion last year.
During the fourth quarter, Daimler produced 426.28 thousand units as compared to 451.50 thousand units in the prior year, and sold 441.04 thousand units, down 8% from 480.06 thousand units sold in the previous-year quarter.
In commercial vehicles segment, Daimler trucks sales declined by 38% to 73.72 thousand units from 118.86 thousand units in the prior-year quarter, and Daimler buses sold were 9.02 thousand units, a 5% drop from 9.54 thousand units sold in the same period last year. Mercedes-Benz vans sold were down 18% to 54.75 thousand units from 66.70 thousand units last year, while Mercedes-Benz cars sold during the quarter increased 7% to 303.55 thousand units from 284.96 thousand units sold a year earlier.
