Daimler Truck Releases Preliminary Q2 2024 Results

Daimler Truck Holding AG has disclosed its preliminary and unaudited results for the second quarter of 2024. The company's Industrial Business segment achieved an adjusted Return on Sales (ROS) of 10.2%, marred by a €120 million impairment from its China Joint Venture, BFDA, lowering the adjusted ROS to 9.3%.

The impairment reflects the ongoing weak market development in China, which had a one-time, non-cash impact on the company's adjusted EBIT for the Trucks Asia and Industrial Business segments. Despite this setback, Daimler Truck's North America and Daimler Buses segments exceeded market expectations.

For Q2 2024, Daimler Truck Group's EBIT was €1,076 million, falling short of the consensus of €1,253 million. Adjusted EBIT amounted to €1,168 million, compared to the expected €1,259 million. Additionally, the Industrial Business reported an adjusted EBIT of €1,156 million against a consensus of €1,205 million, and a free cash flow of -€285 million versus a consensus of €240 million.

The results for individual segments showed varied performance. Trucks North America posted an adjusted EBIT of €875 million and an adjusted ROS of 14.5%. In contrast, Mercedes-Benz recorded an adjusted EBIT of €299 million and an adjusted ROS of 6.5%. Trucks Asia saw a negative adjusted EBIT of -€82 million, while Daimler Buses and Financial Services reported adjusted EBITs of €115 million and €12 million respectively.

The full quarterly results and interim report are scheduled for release on August 1, 2024.