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CAPITAL GOODS: Daimler Truck (A3/A-/NR): Preliminary 2Q24 Results

CAPITAL GOODS

Negative at the margin, but we don’t expect spread impact here. S&P upgraded last month.

  • Adj. EBIT came in 4% below consensus, down 15% YoY at €1.168bn. This was driven by a one-off impairment of €120mn on its China JV. Adj. EBIT was 6% better than expected excluding this.
  • North America was the strongest performing division, with Mercedes-Benz lagging.
  • Industrial FCF looks weak at €-285mn; it says consensus was €240mn but little data on Bloomberg. This can be volatile quarter to quarter, we wouldn’t be too concerned for now.
  • Full results to follow on 1st August. Full year guidance is “under review”, with risk to the downside there.

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