Mercedes Forum
02-17-2009, 09:03 PM
Filed under: Daimler (http://www.autoblog.com/category/daimlerchrysler/), Mercedes-Benz (http://www.autoblog.com/category/mercedes-benz/), Earnings/Financials (http://www.autoblog.com/category/earnings-financials/)
http://www.blogcdn.com/www.autoblog.com/media/2009/02/84827409_opt.jpg (http://www.detnews.com/apps/pbcs.dll/article?AID=%2F20090217%2FAUTO01%2F902170387%2F114 8%2Frss25)
Daimler is the latest in a long line of automakers to post a heavy decline for Q4 earnings in 2008. The German automaker was in the red to the tune of $1.95 billion, which is isn't a surprise considering October through December was among the worst periods for car sales in modern times. The loss was also a big swing from the $2.14 billion in profit Daimler posted in Q4 2007. Sales shrunk by 17% for the quarter as well, with net cash flow down by 12% to $26.9 billion. A big portion of Daimler's loss came courtesy of Chrysler, as the German automaker's 19.9% stake resulted in $1.4 billion in losses. Daimler is looking to unload it's share of Chrysler, but at this point will likely have to pay a massive premium to take the Auburn Hills, MI-based automaker off its books.
Daimler still managed a $1.77 billion profit in 2008, though that's down from $3.77 billion just one year earlier. Don't expect Daimler to make any predictions for 2009, either. The automaker is expecting continued struggles ahead for Mercedes-Benz, as the economic downturn is pinching wealthier buyers just as much as the rest of us.
[Source: Detroit News (http://www.detnews.com/apps/pbcs.dll/article?AID=%2F20090217%2FAUTO01%2F902170387%2F114 8%2Frss25) | Photo by TORSTEN SILZ/AFP/Getty]Daimler posts $1.95 billion fourth-quarter loss (http://www.autoblog.com/2009/02/17/daimler-posts-1-95-billion-fourth-quarter-loss/) originally appeared on Autoblog (http://www.autoblog.com) on Tue, 17 Feb 2009 15:59:00 EST. Please see our terms for use of feeds (http://www.weblogsinc.com/feed-terms/).
Read (http://www.detnews.com/apps/pbcs.dll/article?AID=%2F20090217%2FAUTO01%2F902170387%2F114 8%2Frss25) | Permalink (http://www.autoblog.com/2009/02/17/daimler-posts-1-95-billion-fourth-quarter-loss/) | Email this (http://www.autoblog.com/forward/1463135/) | Comments (http://www.autoblog.com/2009/02/17/daimler-posts-1-95-billion-fourth-quarter-loss/#comments)
Read more... (http://www.autoblog.com/2009/02/17/daimler-posts-1-95-billion-fourth-quarter-loss/)
http://www.blogcdn.com/www.autoblog.com/media/2009/02/84827409_opt.jpg (http://www.detnews.com/apps/pbcs.dll/article?AID=%2F20090217%2FAUTO01%2F902170387%2F114 8%2Frss25)
Daimler is the latest in a long line of automakers to post a heavy decline for Q4 earnings in 2008. The German automaker was in the red to the tune of $1.95 billion, which is isn't a surprise considering October through December was among the worst periods for car sales in modern times. The loss was also a big swing from the $2.14 billion in profit Daimler posted in Q4 2007. Sales shrunk by 17% for the quarter as well, with net cash flow down by 12% to $26.9 billion. A big portion of Daimler's loss came courtesy of Chrysler, as the German automaker's 19.9% stake resulted in $1.4 billion in losses. Daimler is looking to unload it's share of Chrysler, but at this point will likely have to pay a massive premium to take the Auburn Hills, MI-based automaker off its books.
Daimler still managed a $1.77 billion profit in 2008, though that's down from $3.77 billion just one year earlier. Don't expect Daimler to make any predictions for 2009, either. The automaker is expecting continued struggles ahead for Mercedes-Benz, as the economic downturn is pinching wealthier buyers just as much as the rest of us.
[Source: Detroit News (http://www.detnews.com/apps/pbcs.dll/article?AID=%2F20090217%2FAUTO01%2F902170387%2F114 8%2Frss25) | Photo by TORSTEN SILZ/AFP/Getty]Daimler posts $1.95 billion fourth-quarter loss (http://www.autoblog.com/2009/02/17/daimler-posts-1-95-billion-fourth-quarter-loss/) originally appeared on Autoblog (http://www.autoblog.com) on Tue, 17 Feb 2009 15:59:00 EST. Please see our terms for use of feeds (http://www.weblogsinc.com/feed-terms/).
Read (http://www.detnews.com/apps/pbcs.dll/article?AID=%2F20090217%2FAUTO01%2F902170387%2F114 8%2Frss25) | Permalink (http://www.autoblog.com/2009/02/17/daimler-posts-1-95-billion-fourth-quarter-loss/) | Email this (http://www.autoblog.com/forward/1463135/) | Comments (http://www.autoblog.com/2009/02/17/daimler-posts-1-95-billion-fourth-quarter-loss/#comments)
Read more... (http://www.autoblog.com/2009/02/17/daimler-posts-1-95-billion-fourth-quarter-loss/)