Daimler cruises forward

The _Don

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Luxury car firm Daimler put the pedal to the metal in the second quarter of 2011 to deliver earnings that were ahead of market expectations.

The German company reported net income of €1.70bn, compared to the €1.31bn generated in the second quarter last year, ahead of the market consensus of €1.58bn.

Revenue rose significantly to €26.3bn, compared to last year's €25.1bn and the €28.1bn expected by the market.

Earnings before interest and tax (EBIT) reached a record level of €2.58bn, driven by a strong contibution from Mercedes-Benz, which registered EBIT of €1.57bn

The automobile company expects EBIT from continuing operations to significantly pass 2010's level, while full-year revenue is expected to be well above €100bn.

Shares of Daimler are now down 1.04% to 51.23 euros.
 

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