Mercedes-Benz Group Net Profit, Revenue Decline on Lower Car Sales
By David Sachs
Mercedes-Benz Group said net profit and revenue for the first quarter fell on lower cars sales and supply-chain bottlenecks but confirmed its guidance for the full year.
The German luxury-car maker said net profit slipped to 3.025 billion euros ($3.24 billion) from EUR4.01 billion in the first quarter of last year. Analysts had expected net profit to finish the quarter at EUR2.73 billion, according to the Visible Alpha consensus.
Revenue fell to EUR35.87 billion from EUR37.52 billion in the first quarter of last year. Car sales fell 8% to 462,978, the company said.
Mercedes-Benz backed its 2024 guidance.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
April 30, 2024 01:30 ET (05:30 GMT)
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