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Daimler AG reported higher net income on lower revenue in the third quarter as core markets began to recover from the impact earlier this year of the coronavirus pandemic.
Daimler, which reports in euros, saw net income for the period ended Sept. 30 increase to $2.5 billion, or $2.28 per diluted share, compared with $2.1 billion, or $1.91, a year earlier.
Revenue fell to $47.6 billion compared with $51.2 billion a year earlier.
The COVID-19 pandemic continued to affect severely the global economy, but Daimler said “a fairly dynamic recovery” began in May as restrictions were relaxed. That has continued in the third quarter — albeit “quite unevenly by region and sector.”
The third quarter showed the company’s “very strong performance and is further proof we are on the right path to reduce the break-even point of our company,” Daimler Chief Financial Officer Harald Wilhelm said during an online presentation.
He added the faster-than-expected market recovery for its vehicles compared with the second quarter “gives us confidence to push ahead both the strategic and operational side of the business.”
In the quarter, Stuttgart, Germany-based Daimler saw global truck sales tumble 25% to 94,141 units compared with 125,382 in the same 2019 quarter.
In North America, truck sales fell 22% to 41,755 in the quarter compared with 53,240.
Overall truck revenue fell to $10.9 billion compared with $13.5 billion.