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Auto Industry

German carmaker Daimler beats own profit target for 2013

German automaker Daimler has announced that earnings in 2013 have exceeded the company's earlier targets. Revenues also picked up despite a rather bumpy start to the year that prompted the firm to issue a profit warning.

Daimler: not as bad as feared

The Stuttgart-based company reported its 2013 operating profit came in at 7.9 billion euros ($10.68 billion). While this is 3 percent down in a year-on-year comparison, the result was presented as good news as it topped the 7.5 billion euros the company had itself penciled in after a weak start to the year.

Daimler was even forced to issue a profit warning early last year, as higher costs for the development of new models and a stronger euro affecting exports kept eating into earnings.

The carmaker said Thursday its full-year revenues amounted to 118 billion euros, marking a 3-percent rise over 2012.

Bright outlook

Bottom-line earnings in 2013 also rose by a whole 28 percent to 8.7 billion euros. The positive result was attributed not least to one-off gains from the sale of Daimler's remaining shares in the European space, aviation and defense giant EADS.

"On the basis of what we achieved in 2013, we can look to the current year and beyond with great confidence," CEO Dieter Zetsche (pictured) said in a statement.

The company added that it would be able to slightly raise its dividend per share from 2.20 euros previously to 2.25 euros.

hg/tj (Reuters, dpa)

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