For the first quarter of the year, EBIT at DaimlerChrysler (DCX) rose to $2.7 billion from $1.5 billion a year ago. Unit sales worldwide dropped by 5% to 1.1 million. First quarter revenue fell 6% to $47.3 billion.
The Mercedes Group had first quarter EBIT of $1.1 billion. Chrysler posted a negative $2 billion in EBIT. No wonder DCX was so anxious to be rid of it.
EBIT at the Truck Group was $706 million. Financial services EBIT was $560 million. Other segment posted first quarter EBIT of $2.5 billion. The earnings improvement was primarily due to gains realized in connection with the Group’s equity interest in EADS; the execution of a derivatives transaction in connection with the transfer of a 7.5% equity interest in EADS led to a gain of $1,019 million
While it is nice for Daimler to have all of these earnings contributions from outside its core business, it mean that, even without Chrysler, its car and truck businesses are not so hot.
Douglas A. McIntyre
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