April 29, 2024 11:10 GMT
Mercedes (A2/A): 1Q24 Results Preview
CONSUMER CYCLICALS
Mercedes report Q1 tomorrow pre-open.
• Consensus sees €35.6bn revenue and €3.8bn EBIT, 5% and 32% lower YoY respectively.
• At 4Q23 Mercedes posted a small beat on revenue on EBIT, with strong FCF the highlight.
• Management guided for flat revenue and unit sales in 2024, with EBIT (consensus -11%) and FCF slightly down.
• Analyst estimates for operating profit have come off about 10% since. Spreads have traded broadly stable vs peers.
• Margins will be closely watched with pressure from the EV transition an ongoing concern.
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