UPDATE 3-Daimler's earnings plunge as coronavirus hammers sales [Reuters]
Ford Motor Company (F)
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Source: Reuters
Daimler's earnings plunge as coronavirus hammers sales FRANKFURT (Reuters) - German car and truck maker Daimler ( DAIGn.DE ) reported a plunge of nearly 70% in first-quarter operating profit on Thursday due to the coronavirus pandemic and warned that the cash flow it uses to pay dividends would fall this year. The maker of Mercedes-Benz vehicles suffered as customers shunned car and truck showrooms during coronavirus lockdowns and analysts said the slide in Daimler’s valuation over the past year put more pressure on it to deepen alliances with rivals. Daimler said preliminary adjusted first-quarter earnings before interest and tax (EBIT) slumped 68.9% to 719 million euros ($777 million) while both vehicle sales and revenue would fall this year. Adjusted EBIT for Mercedes-Benz vehicles fell more than 56% to 603 million euros. NordLB analyst Frank Schwope said the company’s fourth profit warning since Chief Executive Ola Kaellenius took over in May was no surprise but the pandemic was
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