Daimler Truck Holding AG (Daimler Truck) demonstrated resilience in the first quarter of 2024, achieving commendable results despite a decrease in Group unit sales. The company sustained a strong performance, maintaining robust profitability in markets that were returning to normalcy. Reaching €13.3 billion in revenue, the Group matched its performance from the previous year’s first quarter (Q1 2023: €13.2 billion). Adjusted Group EBIT saw a slight increase, remaining steady at €1.21 billion compared to €1.16 billion in the same period last year. In the Industrial Business (IB), adjusted EBIT rose to €1.16 billion, slightly surpassing the previous year’s figure of €1.11 billion.
Global sales for the Group in Q1 totaled 108,911 units, reflecting an anticipated normalization of the truck markets compared to 125,172 units in Q1 2023. Notably, sales of battery-electric vehicles surged by 183% to 813 vehicles, up from 287 in Q1 2023. Net profit increased to €847 million from €795 million in the prior-year quarter. The free cash flow of the Industrial Business soared to €1.213 billion, significantly surpassing the €168 million recorded in Q1 2023, primarily driven by a substantial reduction in trade receivables owing to the timing of customer payments. The adjusted return on sales at Daimler Truck’s Industrial Business rose to 9.3%, up from 8.8% in Q1 2023, while earnings per share stood at €1.00 compared to €0.90 in the same period last year.
Martin Daum, CEO of Daimler Truck, expressed satisfaction with the company’s positive start in 2024, emphasizing the stable profitability despite lower sales volumes. Daum affirmed the company’s confidence in achieving its 2024 targets, although acknowledging increasing headwinds in Europe. Daimler Truck reaffirmed its guidance for the 2024 financial year as previously communicated.
Below are key figures for the Group and its segments in Q1 2024 compared to Q1 2023:
Group:
- Unit Sales: 108,911 (Q1 2023: 125,172)
- Revenue: €13,263 million (Q1 2023: €13,200 million)
- EBIT (adjusted): €1,210 million (Q1 2023: €1,162 million)
- ROS (adjusted, IB): 9.3% (Q1 2023: 8.8%)
- Free Cash Flow (IB): €1,213 million (Q1 2023: €168 million)
- Incoming Orders: 105,807 (Q1 2023: 122,935)
- EPS: €1.00 (Q1 2023: €0.90)
The article provides further detailed information on Daimler Truck’s five reporting segments and additional documents accessible in the company’s investor relations section. Daimler Truck Holding AG is listed on Germany’s DAX stock market index, with shares traded on the Frankfurt Stock Exchange under the symbol DTG (ISIN: DE000DTR0CK8, WKN: DTR0CK).
