Group revenue in Q1 with €13.3 billion on prior year level (Q1 2023: € 13.2 billion) despite expected decrease in unit sales (-13% vs. Q1 2023)
Adjusted EBIT of 1.21 billion (Q1 2023: €1.16 billion), adjusted return on sales (ROS) in the Industrial Business rose to 9.3% (Q1 2023: 8.8%)
Net profit increased by 7% to €847 million (Q1 2023: €795 million)
Free cash flow of the Industrial Business significantly increased to €1,213 million (Q1 2023: €168 million) driven by significant reduction in trade receivables due to timing of customer payments in the first quarter of 2024; no impact on full year expectation
Earnings per share grew to €1.00 (Q1 2023: €0.90)
Full year guidance unchanged; headwinds in Europe increasing
Daimler Truck Holding AG delivered solid results in the first quarter of 2024. Despite lower Group unit sales Daimler Truck successfully continued a performance towards a robust profitability in normalizing markets. With €13.3 billion the Group’s revenue is on the same level as the previous year’s first quarter (Q1 2023: €13.2 billion). With a slight increase adjusted Group EBIT is on the same level as the previous year to €1.21 billion in the reporting period (Q1 2023: €1.16 billion). In the Industrial Business (IB), adjusted EBIT of €1.16 billion was slightly higher than in the same period of the previous year (Q1 2023: €1.11 billion).
Reflecting the expected normalization of the truck markets, the Group’s global sales in Q1 totaled 108,911 units (Q1 2023: 125,172 units). Sales of battery-electric vehicles jumped by 183% to 813 vehicles (Q1 2023: 287). At €847 million, net profit increased compared to the prior-year quarter with €795 million. With €1,213 million, the free cash flow of the Industrial Business was significantly higher than previous year’s Q1 (Q1 2023: 168 million), driven by significant reduction in trade receivables due to timing of customer payments in the first quarter of 2024. Full year expectation for the free cash flow thus remains unchanged. Adjusted return on sales at Daimler Truck’s Industrial Business increased year-on-year to 9.3% (Q1 2023: 8.8%). Earnings per share amounted to €1.00 (Q1 2023: €0.90).
Martin Daum, CEO of Daimler Truck: “We had a positive start into 2024, delivering a robust profitability on lower sales volumes. Our first quarter results clearly demonstrate: While markets are getting back to normal, our company delivers stable EBIT and Return on Sales. While we are on track towards our financial targets for the full year, headwinds in Europe are increasing. Our global team is focused, determined and confident to achieve our 2024 targets.”
Daimler Truck confirms its overall guidance for the 2024 financial year as communicated at the Annual Results Conference in March.
