Daimler Truck Holding AG has announced its preliminary and unaudited financial results for the second quarter of 2024. Owing to persistently weak market conditions in China, the company has fully impaired the at-equity book value of its China Joint Venture, Beijing Foton Daimler Automotive (BFDA). This impairment resulted in a one-time, non-cash negative impact of €120 million on the adjusted EBIT for the Trucks Asia and Industrial Business segments. Without this impairment, the adjusted return on sales (ROS) for the Industrial Business in the second quarter would have been 9.3%, which is slightly lower than the 10.2% previously reported.
While the Trucks North America and Daimler Buses segments exceeded market expectations with strong performances, the Mercedes-Benz and Financial Services segments fell short of market projections for the quarter.
The company is currently reassessing its full-year guidance.
For the second quarter, Daimler Truck Group reported an EBIT of €1.076 billion, falling short of the company-provided consensus estimate of €1.253 billion. The quarterly adjusted EBIT came in at €1.168 billion, compared to the consensus estimate of €1.259 billion.
Detailed quarterly results and the interim report are scheduled to be published on August 1, 2024.
