Daimler 1Q Results Down as Expected, Tweaks 2019 Guidance Lower; Maintaining EUR 85 FVE
No-moat Daimler, the maker of Mercedes-Benz cars, trucks (Freightliner in the United States), vans, and buses, reported diluted earnings per share of EUR 1.96, down EUR 0.16 from the year-ago period but EUR 0.18 higher than the consensus EPS of EUR 1.78. We expected the underperformance versus the prior year due to softer unit sales and the changeover for certain models reducing availability. Even though unit volume declined 4.1%, including China joint ventures, industrial revenue was down only ...Daimler provides a range of transportation products, including passenger cars and commercial vehicles, and also financial services. Co. operates in five segments. Mercedes-Benz Cars sells passenger cars and off-road vehicles under the Mercedes-Benz brand and small cars under the smart brand. The Daimler Trucks distributes its trucks (Mercedes-Benz, Freightliner, FUSO, Western Star, Thomas Built Buses and BharatBenz). The vans of the Mercedes-Benz Vans segment are sold under the brand name Mercedes-Benz and Freightliner. Daimler Buses sells completely built-up buses (Mercedes-Benz and Setra). The Daimler Financial Services division supports sales of Co.'s automotive brands.
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