In Q3, Daimler Truck Holding AG reported stable group performance in revenue, earnings, and profitability. North America remains a strong market, while Mercedes-Benz faces challenges in Europe, and Brazil continues to contribute positively. Asian markets showed weakness overall, although Trucks Asia reported solid Q3 results. Daimler Buses reached record profitability.
Group revenue for Q3 was €13.1 billion, slightly lower than last year’s €13.9 billion. Adjusted EBIT was €1.19 billion, down from €1.34 billion in Q3 2023. The Industrial Business (IB) segment’s adjusted EBIT stood at €1.15 billion with a return on sales of 9.3%, compared to 9.8% last year. Free cash flow for IB decreased to -€41 million, and earnings per share dropped to €0.77 from €1.13. Global unit sales reached 114,917 units, an 11% decline from Q3 2023. Battery-electric vehicle sales grew by 36% to 666 units.
CEO Karin Rådström expressed confidence in Daimler Truck’s 2024 outlook, crediting North America’s performance and turnarounds in Daimler Buses and Brazil. Mercedes-Benz Trucks is expected to improve with continued effort.
Outlook for 2024 remains unchanged, with Daimler Truck expecting unit sales of 460,000 to 480,000 units and revenue between €53 billion and €55 billion. Adjusted EBIT is anticipated to be slightly below last year’s level. For IB, expected revenue is €50 billion to €52 billion with a return on sales of 8% to 9.5%. Free cash flow in IB is forecasted to be stable year-over-year.
CFO Eva Scherer highlighted the focus on increasing resilience, noting strong Q3 results in Trucks North America despite challenges in the on-highway market. In Q4, Daimler Truck will prioritize free cash flow, aiming to deliver a strong return for shareholders.
Key Financial and Segment Figures (in € millions):
- Group Revenue: €13,140 (-5% YoY)
- Adjusted EBIT: €1,185 (-12% YoY)
- Industrial Business Free Cash Flow: -€41
- Trucks North America Revenue: €5,991 (+5%)
- Mercedes-Benz Revenue: €4,398 (-19%)
- Daimler Buses EBIT: €141 (+101%)
For more information, including detailed Q3 2024 disclosures for each segment, visit Daimler Truck’s investor relations section.
Daimler Truck Holding AG shares trade under the symbol DTG on Frankfurt’s Prime Standard.
