July 24, 2019 / 5:20 AM / 25 days ago

Daimler Q2 hammered by Takata, diesel charges

FRANKFURT, July 23 (Reuters) - Luxury carmaker Daimler said it would intensify cost cuts after legal risks for diesel-related issues and the cost of replacing Takata airbags triggered a 1.56 billion euros ($1.74 billion) loss before interest and taxes in the second quarter.

The German company said 4.2 billion euros in one-off expenses contributed to the operating loss in the quarter, compared with a 2.6 billion profit in the same period last year.

“In general, we are intensifying the Group-wide performance programs and reviewing our product portfolio in order to safeguard future success,” Chief Executive Ola Kaellenius said in a statement on Wednesday.

Earlier this month, the Stuttgart-based carmaker pre-released earnings in what amounted to its fourth profit warning in 13 months, saying its 2019 group EBIT would be “significantly” lower than last year.

$1 = 0.8974 euros Reporting by Edward Taylor, editing by Riham Alkousaa

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below