Daimler profit falls sharply as revenue falls

Daimler AG said Wednesday that profit for the first quarter of the year fell significantly, and that revenue also declined.

Aftertax profit for the quarter fell to 168 million euros ($182.1 million) from EUR2.15 billion a year earlier, the German premium car maker said.

Net profit attributable to the group’s shareholders was EUR94 million, compared with EUR2.10 billion.

Revenue fell 6% to EUR37.22 billion.

As reported last week, Daimler’s first-quarter earnings before interest and taxes fell to EUR617 million from EUR2.80 billion the prior year. Adjusted EBIT dropped to EUR719 million from EUR2.31 billion.

Daimler said last week that it expected revenue, EBIT as well as industrial free cash flow to drop this year and warned that the full impact of the coronavirus pandemic on demand, supply chains and vehicle production can’t be assessed in full detail at this stage.