Mercedes-Benz Q3 Profit, Revenues Down

(RTTNews) - German automobile major Mercedes-Benz Group AG (MBG.DE) on Thursday reported that its third-quarter net profit fell 7 percent to 3.72 billion euros from last year's 4 billion euros. Earnings per share were 3.44 euros, down 6 percent from last year's 3.66 euros.

Earnings Before Interest and Taxes or EBIT reached 4.84 billion euros, down 7 percent from last year. Adjusted EBIT fell 8 percent to 4.92 billion euros.

Revenue fell 1.4 percent to 37.20 billion euros from last year's 37.7 billion euros, partly because passenger car sales were around 5 percent lower in the quarter, due to a supplier-induced shortage of 48-volt systems.

The company said the results were achieved amid a subdued market environment marked by intense price competition, particularly in the electric vehicle segment.

Looking ahead for fiscal 2023, the company expects Mercedes-Benz Cars' unit sales and revenues at the prior-year level. Mercedes-Benz Vans' full-year unit sales and revenues will be significantly above last year.

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