Daimler set a record for unit sales in a first quarter with 683,900 cars and commercial vehicles sold (+7%).
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Mercedes-Benz Cars also set a new record for this period with sales of 496,800 vehicles (+8%). Group revenue amounted to €35 billion and was thus 2% above the prior-year level. Adjusted for changes in currency exchange rates, revenue grew by 4%.
The Daimler Group achieved Group EBIT for the first quarter of €2,148 million (Q1 2015: €2,906 million). Group EBIT from ongoing business amounted to €2,680 million (Q1 2015: €2,930 million) and net profit amounted to €1,400 million (Q1 2015: €2,050 million).
Net profit attributable to the shareholders of Daimler AG amounts to €1,353 million (Q1 2015: €1,963 million), representing earnings per share of €1.26 (Q1 2015: €1.83).
Earnings of the first quarter of 2016 were impacted primarily by a lifecycle-related decrease in unit sales of the S- and E-Class at the Mercedes-Benz Cars division.
This fall in earnings was not offset by the improvement in earnings at the Daimler Trucks, Mercedes-Benz Vans and Daimler Buses divisions. At Daimler Financial Services, earnings increased primarily due to the higher contract volume.
Exchange-rate effects had an overall negative affect on earnings. Declining discount rates also reduced earnings.
The free cash flow of the industrial business resulted in a cash inflow of €0.3 billion in the first quarter (Q1 2015: €2.3 billion).
This decrease was due to the lower profit contributions of the industrial business and the negative effects resulting from the change in other operating assets and liabilities.
Furthermore, there were higher tax payments as the prior-year period was influenced by tax refunds.
The free cash flow of the industrial business was also impacted by higher investments in intangible assets and property, plant and equipment.
Compared with December 31, 2015, the net liquidity of the industrial business decreased by €0.1 billion to €18.5 billion, as the free cash flow of €0.3 billion was offset by negative exchange-rate effects. ■
Predominant upper-level ridging stretching from the Southwest to the southern High Plains will allow for another day of record-breaking heat across parts of Nevada and Arizona today.