Daimler Truck Holding AG (“Daimler Truck”) has announced its preliminary and unaudited results for Q2 2024. Due to persistent weak market conditions in China, Daimler Truck fully impaired the at-equity book value of its China Joint Venture BFDA (Beijing Foton Daimler Automotive), resulting in a one-time, non-cash impact on adjusted EBIT for the Trucks Asia segment and the Industrial Business of €120 million. Excluding this impact, the Industrial Business adjusted ROS for Q2 would be 10.2%, instead of the reported 9.3%.
Strong performance in the Trucks North America and Daimler Buses segments exceeded market expectations, while the Mercedes-Benz and Financial Services segments fell short.
The full-year guidance is currently under review.
Preliminary and unaudited Q2 2024 results:
- Daimler Truck Group EBIT: €1,076 million (consensus: €1,253 million)
- Daimler Truck Group adj. EBIT: €1,168 million (consensus: €1,259 million)
- Industrial Business adj. EBIT: €1,156 million (consensus: €1,205 million)
- Industrial Business adj. ROS: 9.3% (consensus: 9.6%)
- Industrial Business Free Cash Flow: € -285 million (consensus: €240 million)
Segment results:
- Trucks North America: EBIT of €875 million (consensus: €765 million), ROS of 14.5% (consensus: 12.7%)
- Mercedes-Benz: EBIT of €299 million (consensus: €403 million), ROS of 6.5% (consensus: 8.7%)
- Trucks Asia: EBIT of € -82 million (consensus: €48 million), ROS of –5.8% (consensus: 3.4%) (*includes €120 million impairment impact from BFDA)
- Daimler Buses: EBIT of €115 million (consensus: €78 million), ROS of 9.1% (consensus: 6.6%)
- Financial Services: EBIT of €12 million (consensus: €53 million), ROE of 1.8%
The full Q2 results and interim report will be published on August 1, 2024.
Definitions for terms such as (adj.) EBIT, (adj.) ROS, (adj.) ROE, and Free Cash Flow can be found from page 36 onwards in the Daimler Truck Annual Report 2023.
