Daimler posts $1.51b loss in second-quarter
German auto and truck maker Daimler AG said Wednesday it lost euro1.06 billion ($1.51 billion) in the second quarter as sinking sales from the recession and charges related to its stake in Chrysler hurt earnings. But the result was better than analyst predictions and company shares rose.
Daimler, one of the world's leading luxury carmakers with brands including Mercedes-Benz, Maybach and Smart, said the loss in the April-June period compared with a profit of nearly euro1.3 billion a year earlier.
Analysts surveyed by Thomson Reuters had expected a net loss of euro1.5 billion.
Despite the third quarterly loss in a row, the company predicted a "gradual improvement" in its operating profit in the coming months.
The news helped push Daimler shares up nearly 5.4 percent to euro31.68 in Frankfurt trading.
Sales fell 25 percent to euro19.6 billion in the quarter compared with euro26 billion last year, below the euro20 billion that analysts had forecast, a stark reminder of the bleak landscape that car makers worldwide face amid the economic crisis.
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