Mercedes-Benz Shares Fall As Profit Drops, Headwinds Continue
October 26 2023 - 3:11AM
Dow Jones News
By David Sachs
Mercedes-Benz Group shares fell Thursday after the car maker
reported a drop in third-quarter profit due to lower demand and
currency effects, and warned that headwinds would continue for the
rest of the year.
At 0726 GMT, shares in Mercedes-Benz were down 5.8% at
EUR57.82.
The luxury-car company flagged high supply-chain costs,
inflation and currency-exchange rates for the performance. On a
post-earnings call, Chief Financial Officer Harald Wilhelm said he
expects headwinds to continue into the fourth quarter.
Net profit in the third quarter fell to 3.72 billion euros
($3.93 billion), a 7% drop from the same period last year, the
company said. Revenue fell 1.4% to EUR37.20 billion. Return on
sales for the cars business was 12.4%, down from 14.5% a year
ago.
Car sales fell 3.7% though van sales rose 1.1%.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
October 26, 2023 03:56 ET (07:56 GMT)
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