Daimler Truck Shares Surge After Dividend Raise, Sales Growth Outlook

By Helena Smolak

Daimler Truck shares surged after it said it expects 2024 sales to grow and raised its dividend as revenue and adjusted earnings improved in the fourth quarter.

At 0827 GMT on Friday, shares of Daimler Truck traded 12% higher at a record high of EUR42.12. The company's stock grew 42% on Friday to its peak since Daimler Truck became an independent company and listed on the stock market in December 2021.

The German trucks and buses manufacturer said that it guides for sales between 490,000 and 510,000 units for this year as it expects demand to normalize, after it posted a year-on-year decline in fourth-quarter unit sales.

It reported adjusted earnings before interest and taxes of 1.56 billion euros ($1.69 billion), compared with EUR1.03 billion the previous year. Revenue rose to EUR14.95 billion in the quarter from EUR14.78 billion the year prior.

Along with the full-year results, Daimler Truck issued bonuses of EUR7000 each to eligible employees.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

March 01, 2024 03:44 ET (08:44 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.