Automaker Daimler rebounds in Q4
FRANKFURT, Germany (AP) — Automaker Daimler AG finished 2013 strongly after a rough start to the year that included a profit warning.
Net profit fell 36 percent to 1.68 billion euros ($2.27 billion), reflecting a one-time gain in the fourth quarter of 2012 of 709 million euros from the sale of a stake in aerospace company EADS.
With the sale excluded, the company said Thursday that operating earnings jumped 45 percent to 2.53 billion from 1.74 billion.
Revenues increased 8 percent to 32.09 billion with sales up for its small vehicles. The company also introduced a new version of its flagship Mercedes-Benz S-Class luxury sedan.
The year included an April profit warning, and CEO Dieter Zetsche saw his contract renewed for only three years — a signal he needed to turn things around.