Mercedes-Benz AG : Q3 Cars results well below most conservative estimates
>Q3 results below expectations on price/mix deterioration - Mercedes-Benz just reported its Q3 results, which were below the company-compiled consensus.In detail, Q3 revenues came in at € 34.5bn, down -7% y-o-y and -6% q-o-q, below expectations (css € 35.9bn, ODDO BHF € 36.2bn). Adj. EBIT stood at € 2.5bn, -48% y-o-y, -37% q-o-q (broadly in line with css at € 2.4bn), implying a margin of 7.3%, -594bp y-o-y and -367bp q-o-q.Cars reported revenues of € 25.6bn...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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