German commercial vehicle manufacturer Daimler Truck reported on Friday a stable start to 2024 despite the economic downturn.
In spite of the decline in sales in the first quarter, turnover was just under €13.3 billion ($14.3 billion) and thus slightly above the previous year's figure, the DAX-listed company said.
Adjusted for special effects, earnings before interest and taxes increased by 4% to €1.21 billion.
In the industrial business - excluding financial services - Daimler Truck increased its adjusted operating margin by half a percentage point to 9.3%. Analysts had expected a smaller increase.
Things went better in the lucrative North American market and in the bus division. Group profit climbed from €795 million a year earlier to €847 million.
The management around chief executive Martin Daum confirmed the annual forecasts. "We are on track with our financial targets for the year as a whole, but are increasingly feeling the headwind in Europe," said the manager.
The company's new orders have been declining for some time now, because the strong orders from and after the Covid-19 pandemic are slowing down. In the first quarter, the group's incoming orders fell by 14% to 105,807 vehicles.