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Daimler AG Q3 Revenue, Earnings Beat Forecasts

Daimler AG Q3 revenue, earnings beat forecasts

On Thursday, the German automaker, Daimler AG, reported quarter three financial results, which beat the experts’ predictions. The positive momentum is due to strong business and better than expected market recovery in September 2020, the firm reported.

Daimler’s EBITDA for the Q3 touched $3.6 billion (3.07 billion euros) as compared to the predictions of 2.14 B euros by experts. The company also reported continuing its optimistic outlook if there is no other COVID led restrictions. The German carmaker said a massive plunge in sales, which led the earnings slump, due to coronavirus in the first and second quarter of 2020.

Earlier in October, the firm reported cutting costs and expenses by several moves which include halting the manufacturing of Sedans in America and shift towards profitable SUVs. Some of the other actions were cutting fixed costs on developments of Mercedes Benz, merging Volvo Trucks and fuel cell developments, and shut down an alliance project with BMW.

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