The stock market has not expected much good from the auto industry for a long time. But the situation is much better, at least at Mercedes.
Dhe report comes late in the evening, but it makes many wake up again: the news from the Daimler Group is so positive that the share immediately leaps 4 percent off the stock exchange and starts the same way on Friday morning at the start of the stock market – with a huge plus. The reason: The third quarter went far better for the Stuttgart-based vehicle group than the professional market observers had expected.
The company now reports earnings before interest and taxes (EBIT) of 3.7 billion euros, while the analysts had expected an average of 2.14 billion euros. Above all, the Group’s operating result is thus well above the previous year, when just under 2.76 billion euros had been posted.
For Mercedes, the unexpected upturn is even clearer. While the analysts had expected an operating result of 1.3 billion euros and thus a further decline compared to the previous year, the passenger car business even closed with more than 2.1 billion euros in EBIT in the third quarter.
In the press release, Daimler CFO Harald Wilhelm stated that the results showed that Daimler was on the right track: “We expect this positive dynamic to continue in the fourth quarter.” When Daimler publishes the quarterly figures in detail next Friday, it will be a more optimistic forecast can be expected.
So far, the group itself had promised negative numbers in all areas: for sales, turnover and profit – especially because Corona in spring caused demand to drop so sharply that Mercedes even closed its factories for weeks. Should the second wave have this effect again, the current optimism could of course cloud again.
However, Mercedes can take advantage of several positive trends. In the main market of China, where luxury cars in particular are sold with high returns, there is no sign of a second corona wave. At the same time, Mercedes has just relaunched the S-Class, heralding the new era of particularly luxurious vehicles. It is not growth for the sake of growth that is the order of the day, emphasized Daimler CEO Ola Källenius in a journalists’ round this week, but profitable growth.