MBGYY Mercedes Benz Group AG (PK)

By David Sachs

Mercedes-Benz Group AG on Friday confirmed its outlook for the year and reported higher profit and revenue in the first quarter on sales of top-end cars and vans and improved pricing.

The German luxury car maker said net profit rose to 3.945 billion euros ($4.35 billion) from EUR3.49 billion in last year's first quarter. Revenue increased 7.6% to EUR37.52 billion. Earnings before interest and taxes were confirmed at EUR5.50 billion, in line with preliminary figures released last week, while adjusted EBIT rose to EUR5.42 billion from EUR5.30 billion.

Sales of top-end cars and premium vans as well as improved pricing drove the results, Mercedes-Benz said. Sales of battery-electric vehicles rose 89% compared with the prior year.

Mercedes-Benz confirmed overall guidance for 2023, which forecasts stable group revenue and slightly lower earnings before interest and taxes than the EUR20.46 billion it reported last year. Mercedes-Benz raised its adjusted margin outlook in its van segment to between 11% and 13% from between 9% and 11% previously, and said it expects an adjusted return on sales for its cars segment at the upper end of the 12%-14% range.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

April 28, 2023 01:39 ET (05:39 GMT)

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