Preliminary results for the third quarter 2020 above market expectations and positive impact for the remainder of the year 2020 expected – PRNewswire

STUTTGART, Germany, Oct. 15, 2020 /PRNewswire/ — Daimler has seen a faster than expected market recovery and a particularly strong September performance. This, combined with diligent cost discipline, extensive cash preservation measures and further efficiency enhancements, means that Industrial Free Cash Flow, Daimler Group EBIT adjusted, Mercedes-Benz Cars & Vans EBIT adjusted, Daimler Trucks & Buses EBIT adjusted and Daimler Mobility EBIT adjusted are all significantly above market expectations for the third quarter of 2020.

The unusually strong Industrial Free Cash Flow in the quarter reflects the extensive cost and cash preservation measures and strong operative performances across all divisions leading to favorable cash-conversion ratios. In addition, the quarter saw the expected receipt of a € 1.2 billion dividend from Daimler’s Chinese joint venture BBAC and a positive contribution from working capital.

“The third quarter shows a very strong performance and provides further proof that we are on the right path to reducing the break-even of our company. At the same time, we continued to seize opportunities from improving markets with the great products of Mercedes-Benz Cars & Vans and Daimler Trucks & Buses. This gives us confidence to push ahead with our work both on the strategic and operational side of the business. We expect positive momentum to continue in the fourth quarter, however with the regular year-end seasonality,” stated Harald Wilhelm, Member of the Board of Management of Daimler AG responsible for Finance & Controlling and Daimler Mobility.

The following stated figures for the third quarter 2020 are preliminary and unaudited:

  • Industrial Free Cash Flow: € 5,139 million (consensus: € 2,973 million)
    Industrial Free Cash Flow adjusted € 5,345 million (consensus: n/a)
  • Net Industrial Liquidity: € 13.1 billion (Q2-20: €9.5 billion)
  • Daimler Group EBIT: € 3,071 million (consensus: € 1,950 million)
    EBIT adjusted: € 3,480 million (consensus: € 2,498 million)
  • Mercedes-Benz