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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessCONSUMER CYCLICALS: Mercedes-Benz (MBGGR A2/A/A): 2Q24 Results
Credit neutral results, although the market will be relieved at the outcome with many other OEMs struggling this earnings season.
- Revenues were just shy (-1.5%) of consensus.
- Adj. EBIT came in 3% ahead, albeit 19% lower YoY. Weakness in the more profitable top end cars was the main driver.
- FCF fell 52% YoY to €1.6bn; 20% below expected (2 estimates).
- Net industrial cash down 17% QoQ to €28bn, due to timing of shareholder returns.
- FY24 guidance reiterated.
- Credit losses ratio at MBM continues to rise slightly. At 0.40% YTD, that would be the highest since 2011 if maintained for the year.
- Webcast underway https://group.mercedes-benz.com/investors/reports-news/interim-reports/q2-2024/
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.