Daimler Truck reports good start to 2024

Daimler Truck reports good start to 2024

Despite lower Group unit sales, Daimler Truck says it continued toward a robust profitability in normalizing markets for Q1 2024.

Daimler Truck Holding AG is reporting positive financial results in Q1 of 2024. Daimler Truck says that despite lower Group unit sales, it successfully continued toward a robust profitability in normalizing markets. With €13.3B (approximately $14.3B USD) the Group’s revenue is on the same level as the previous year’s first quarter (Q1 2023: €13.2B [$14.2B]). With a slight increase, Daimler Truck says adjusted Group EBIT is on the same level as the previous year to €1.21B ($1.3B) in the reporting period (Q1 2023: €1.16B [$1.25B]). In the Industrial Business (IB), adjusted EBIT of €1.16B ($1.25B)was slightly higher than in the same period of the previous year (Q1 2023: €1.11B [$1.2B]).

Reflecting the expected normalization of the truck markets, the Group’s global sales in Q1 totaled 108,911 units (Q1 2023: 125,172 units). Sales of battery-electric vehicles jumped by 183% to 813 vehicles (Q1 2023: 287). At €847M ($911M), net profit increased compared to the prior-year quarter with €795M ($855M). With €1.213B ($1.3B), the free cash flow of the Industrial Business was significantly higher than previous year’s Q1 (Q1 2023: €168M [$181M]), driven by significant reduction in trade receivables due to timing of customer payments in the first quarter of 2024, Daimler said. Full year expectation for the free cash flow thus remains unchanged. Adjusted return on sales at Daimler Truck’s Industrial Business increased year-on-year to 9.3% (Q1 2023: 8.8%). Earnings per share grew to €1.00 ($1.08), over €0.90 ($0.97) in Q1 2023.

Daimler-Truck-Q1-2024-global-earnings

“We had a positive start into 2024, delivering a robust profitability on lower sales volumes. Our first quarter results clearly demonstrate: While markets are getting back to normal, our company delivers stable EBIT and Return on Sales,” said Martin Daum, chief executive officer of Daimler Truck. “While we are on track towards our financial targets for the full year, headwinds in Europe are increasing. Our global team is focused, determined and confident to achieve our 2024 targets.”

You May Also Like

Volvo on Demand battery electric truck adoption program launches

Volvo Trucks North America (VTNA) launched Volvo on Demand, a Truck-as-a-Service (TaaS) business model focused on battery electric trucks in collaboration with Volvo Financial Services (VFS). Volvo says Volvo on Demand was designed as a solution to simplify the acquisition and reduce the major upfront investment in battery-electric vehicles. Volvo on Demand provides qualified customers

Volvo Trucks North America (VTNA) launched Volvo on Demand, a Truck-as-a-Service (TaaS) business model focused on battery electric trucks in collaboration with Volvo Financial Services (VFS). Volvo says Volvo on Demand was designed as a solution to simplify the acquisition and reduce the major upfront investment in battery-electric vehicles. Volvo on Demand provides qualified customers with flexible term options as short as 12 months and includes Volvo Trucks’ Gold Contract and the option to bundle vehicle insurance for physical damage and collision, route planning and optimization guidance, as well as consultation to find the best charging solution and incentives that might be available.

Hino, Hexagon Purus launch Tern zero-emission truck brand, RC8 Class 8 truck

Hino Trucks and Hexagon Purus announced the launch of Tern, a new zero-emission truck brand along with their inaugural truck model, the RC8, a battery electric Class 8 tractor. Related Articles – Hyundai previews enhanced Xcient fuel cell truck – New Penske Energy initiative to advise, support fleets on electric truck infrastructure – Eaton to

Daimler announces battery repairing, remanufacturing, repurposing and recycling program

DTNA says the circular economy approach strives to extend the usability of rare-earth materials and products.

Daimler-Truck-North-America-Logo-1400
Kenworth T680, T880 trucks with Cummins X15N to begin production

Production of Kenworth T680 and T880 models with the new Cummins X15N natural gas engine will start in Q3 2024.

Kenworth-PACCAR-Cummins-X15N-Class-8-prudction-schedule
ACT Research numbers: Heavy-duty down, medium-duty up

ACT says after a year of unexpected growth, March orders may finally indicate a slowdown in capacity additions.

ACT-class-8-net-march-2024-orders

Other Posts

Fultra promotes chief procurement officer

Before taking this leadership position at its parent company, Kinsley spent over 12 years as the vice president of materials at East Mfg.

Fultra-Fruehauf-Dave-Kinsley
Cummins starts H2-ICE production at new India facility

The first B6.7H hydrogen ICE rolled off the production line in March and will now be integrated into Tata Motors’ trucks.

Cummins-india-hydrogen-tata-motors-TCPL-GES-H2-ICE
Vipar Heavy Duty announces Latin America expansion plans

Plans include focusing on new locations, stockholders, and suppliers to serve the growing market.

VIPAR-Heavy-Duty-Latin-America-Expansion
Commercial tire market cautiously recovering from 2023 challenges

To better understand commercial tire expectations for the remainder of the year, we spolke with Pierluigi Cumo, VP of B2B products at Michelin North America.

Michelin-truck-tires