German carmaker Daimler AG has reduced the profit before interest and tax (EBIT) in 2019 2.6 times.
As reported in a press release, EBIT dropped to 4,329 billion euros, compared with 11,132 billion euros in 2018.
Net profit dropped by 2.8 times - up to 2,709 billion Euro 7,582 billion euros. Meanwhile, revenues increased by 3% to 172,745 billion euros from 167,362 billion euros.
Sales decreased slightly to 3 million 344,951 thousand against 3 million 352,415 thousand in 2018. Including the division of Mercedes-Benz Cars recorded the highest sales figure - 2 385,4 million thousand cars.
Free cash flow fell to 1.4 billion euros from 2.9 billion euros for litigation costs associated with the diesel scandal, Mercedes-Benz, as well as increased spending on new products and technologies, the company said. In addition, the company is conducting a recall of defective airbags, Takata, the Japanese released.
In the fourth quarter Daimler unexpectedly received a net loss in the amount of 11 million euros compared to a net profit of 1,642 billion euros in the same period a year earlier. Revenue increased 1% and reached 47,127 billion, and sales declined 1% to 910,163 thousand cars.
Analysts polled by FactSet on average expected that the company will receive in October-December net profit in the 776,7 million euros on revenue of 47.33 billion euros.
Daimler has reduced the amount of dividends to 0.9 euros per share compared to 3.25 euros in 2018.
In 2020, the automaker plans to sell a few less cars than last year. Expected EBIT will be significantly above last year's level, while the revenue will not change.
the staff of the company at the end of December had about 298,66 thousand people worldwide, of which 173,8 thousand work in Germany, 25.8 million in the United States and 4.44 million in China.
stock Quotes Daimler grow by 0.4% during trading on Tuesday. For the last three months the market value of the automaker fell 19% and is now about 46 billion euros.
