Money: Daimler Issues Third Profit Warning in a Year as Risks Grow - - PressFrom - United Kingdom
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MoneyDaimler Issues Third Profit Warning in a Year as Risks Grow

16:46  24 june  2019
16:46  24 june  2019 Source:   msn.com

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(Bloomberg) -- Daimler AG cut its profit forecast for the third time in a year , this time blaming the burden of handling longstanding proceedings around diesel emissions a month after a new guard took the helm at the world’s biggest luxury carmaker.The German manufacturer is facing investigations in.

(Bloomberg) -- Daimler AG cut its profit forecast for the third time in a year , this time blaming the burden of handling longstanding proceedings around diesel emissions a month after a new guard took the helm at the world’s biggest luxury carmaker.The German manufacturer is facing investigations in.

Daimler Issues Third Profit Warning in a Year as Risks Grow © AP

Daimler AG cut its profit forecast for the third time in a year, with the German automaker’s new leadership blaming longstanding proceedings around allegations of emissions tampering.

The shares fell as much as 3.9%, the most in over four months. after Daimler boosted provisions related to probes into diesel vehicles by a “high” three-digit-million-euro amount. The charge cut Daimler’s guidance for 2019 profit before interest and taxes to flat after previously targeting slightly higher earnings, according to a stock filing Sunday.

The German manufacturer is facing investigations in Europe and the US over allegedly excessive pollution from its diesel vehicles. German authorities last year slapped Daimler with recalls and the company agreed to software upgrades for millions of cars in Europe, while escaping fines so far.

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(Bloomberg) -- Daimler AG cut its profit forecast for the third time in a year , this time blaming the burden of handling longstanding proceedings around diesel emissions a month after a new guard took the helm at the world’s biggest luxury carmaker.The German manufacturer is facing investigations in.

(Bloomberg) -- Daimler AG cut its profit forecast for the third time in a year , this time blaming the burden of handling longstanding proceedings around diesel emissions a month after a new guard took the helm at the world’s biggest luxury carmaker.The German manufacturer is facing investigations in.

Daimler’s latest guidance cut, following two profit warnings related to trade, new emissions tests in Europe and a legal dispute on air conditioning coolant last year, marks a bumpy start for new Chief Executive Officer Ola Kallenius and Chief Financial Officer Harald Wilhelm. The company is working on “comprehensive measures” to rein in costs to restore profitability while making unprecedented investments on electric and self-driving cars.

Gallery: The UK's most-registered cars by year (Read Cars)

Daimler Issues Third Profit Warning in a Year as Risks Grow

The manufacturer has so far given little away on that push and the financial fallout of its diesel-engine woes remains difficult to predict.

Daimler is set for more pressure “given the multitude of cyclical and structural issues, ” Citi said in a report to clients Monday. “The key debate investors should be having is around the trajectory of the earnings decline rather than the ultimate destination.”

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(Bloomberg) -- Daimler AG cut its profit forecast for the third time in a year , this time blaming the burden of handling longstanding proceedings around diesel emissions a month after a new guard took the helm at the world’s biggest luxury carmaker.The German manufacturer is facing investigations in.

By William Boston. BERLIN -- Daimler AG on Friday warned of "significantly lower" earnings for the full year and said profit had dropped 27% in the three months to Sept. 30, sending shares to a five- year low and dragging down other automotive stocks.

The shares were 3.6% lower trading at 47.86 euros at 9:22 a.m. in Frankfurt trading, trimming gains this year to 4.2%.

Regulatory Scrutiny

Global automakers are wrestling with increasing regulatory scrutiny and pressure on earnings amid record development expenses to roll out electric and self-driving vehicles. Governments have stepped up their oversight on diesel emissions in the wake of Volkswagen AG’s 2015 cheating to dupe tests in 11 million diesel vehicles worldwide. The scandal has so far cost the world’s biggest carmaker 30 billion euros ($34 billion) in fines and provisions.

Daimler Issues Third Profit Warning in a Year as Risks Grow © Bloomberg A Mercedes-Benz AG three-pointed star logo sits on an employee's sweater on the Mercedes-Benz AMG GT high performance luxury automobile assembly line at the automaker's plant in Sindelfingen, Germany, on Monday, Dec. 18, 2017. The 2018 Mercedes-Benz GT R sports car sits at the top of the Mercedes AMG GT line, with a 4.0-liter V8 bi-turbo engine that gets 577 horsepower and can hit 60 mph in 3.5 seconds. Daimler rattling investors again comes at an inopportune time. Last month, shareholders approved a new corporate structure that will give its divisions for cars, trucks and mobility services more independence. While Daimler’s woes at the Mercedes-Benz cars division underscores the urgency behind the move, it could rally criticism from some investors to make deeper changes, including a separate listing for the sprawling trucks division. Such a step would echo a move by rival Volkswagen.

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It issued a similar profit warning on diesel issues in October. In April, EU antitrust regulators charged BMW, Volkswagen (DE:VOWG_p) and Daimler with Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

BERLIN -- Daimler AG on Friday warned of "significantly lower" earnings for the full year and said The profit warning , the second in four months, comes as the German car maker's Mercedes-Benz Mercedes-Benz Vans suffered delays in delivering vans to customers during the third quarter as a

Daimler said Sunday the return on sales at its struggling vans unit is expected to be minus 2% to minus 4%. The division swung to a surprise loss in the first quarter as plans to produce a Mercedes-Benz pickup truck in South America derailed.

Mandatory Recall

On the diesel issue, Daimler suffered a fresh setback when German regulators issued a mandatory recall for about 40,000 Mercedes GLK SUVs over potentially illegal software to skirt emissions rules. A spokesman declined to comment on a connection to the profit warning.

German authorities already slapped Daimler with a recall of 774,000 diesel cars in Europe last June over the use of prohibited devices regulating their emissions. The company continues to claim a clean-engine record.

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