In the first quarter of 2024, Daimler Truck reported a 13% decrease in global sales, with 108,911 units sold compared to 125,172 units in the same period last year. Despite this overall decline, the sales of battery-electric vehicles saw a significant jump, increasing by 183% to 813 vehicles, up from 287 in Q1 2023.
Daimler Buses, on the other hand, witnessed a more positive trend in its 2024 Q1 results. Although unit sales showed only a slight increase, with 5,604 units sold compared to 5,570 units in Q1 2023, the company reported a substantial surge in revenue. Revenue reached $1.176 billion, marking a 24% increase from $950 million in the same quarter last year. The adjusted EBIT also saw a remarkable increase, reaching $59 million, a staggering 535% rise from $9 million in Q1 2023.
Martin Daum, CEO of Daimler Truck, commented on the results, saying, “We had a positive start into 2024, delivering robust profitability on lower sales volumes. Our first quarter results clearly demonstrate: While markets are getting back to normal, our company delivers stable EBIT and Return on Sales. While we are on track towards our financial targets for the full year, headwinds in Europe are increasing. Our global team is focused, determined and confident to achieve our 2024 targets.”
In terms of financial performance, Daimler Truck achieved €13.3 billion in revenue in Q1 2024, remaining at the same level as the previous year’s first quarter. The adjusted Group EBIT also remained stable at €1.21 billion in the reporting period, compared to €1.16 billion in Q1 2023. Adjusted return on sales at Daimler Truck’s Industrial Business increased year-on-year to 9.3%, up from 8.8% in Q1 2023.
Net profit increased to €847 million, compared to €795 million in the prior-year quarter. The free cash flow of the Industrial Business also saw a significant increase, reaching €1,213 million, up from €168 million in Q1 2023, driven by a significant reduction in trade receivables due to the timing of customer payments.
