Daimler AG (DDAIY) said its sees sees "significant" earnings growth for the coming year after confirming that its first quarter operating profits surged past €4 billion.
The luxury carmaker, which had provided an early release to its earnings on April 11, said sales for the first three months of the year grew 11% to €38.8 billion, slightly ahead of the 10% increase in until sales, which rose to 754,300 over the three-month period, a company record. The group said it sees "significant growth in unit sales, revenue and Group EBIT" for the coming year.
"A very successful quarter lies behind us," said chairman Dr. Dieter Zetsche . "Ahead of us, we have a variety of opportunities for further profitable growth. We do have the right products to take advantage of these opportunities - and the financial strength to make the necessary investments."
Daimler shares drifted 0.5% lower in the opening hour of trading in Frankfurt, largely in-line with broader European markets, to change hands at €68.24 each.
The parent company of Mercedes said late Tuesday reported first-quarter earnings before interest and taxes of €4.01 billion ($4.25 billion), up from €2.2 billion in the same quarter last year. Mercedes-Benz led the group in the quarter, with EBIT of €2.23 billion, up 37% from the first quarter in 2016.
The company last week said earlier this month that more Mercedes were sold in March than ever before, with sales rising 14.8% to 228,296 to cap a best-ever quarter where 560,625 were ultimately shifted.
The Stuttgart-based automaker also unveiled its Mercedes-Benz its GLC63 Coupe and SUV Tuesday ahead of the New York International Auto Show.
Both the Coupe and the SUV boast an eight-cylinder biturbo engine, a first for a Mercedes SUV. The GLC63 Coupe has horsepower of 510 while the SUV features horsepower of 476. The GLC63 can accelerate from 0 to 100 kilometers per hour in just 3.8 seconds.
