Daimler cut its 2019 earnings outlook on Sunday after lifting provisions for iss...
FRANKFURT - Daimler cut its 2019 earnings outlook on Sunday after lifting provisions for issues related to its diesel vehicles by hundreds of millions of euros.
Group earnings before interest and tax this year are now expected to be at last year’s level, the carmaker said, against a previous estimate for a slight increase. Earnings will be affected in the second quarter, it said. However, Sunday’s profit warning follows news over the weekend that Daimler must recall 60,000 Mercedes diesel cars in Germany after regulators found that they were fitted with software aimed at distorting emissions tests.The Stuttgart-based owner of Mercedes-Benz is being investigated for its diesel emissions in Europe and the United States. It issued a similar profit warning on diesel issues in October.
While Daimler was a whistleblower in that case and said at the time that it expected to avoid fines, BMW booked a provision of more than 1 billion euros .It now sees a return between minus 2% and minus 4%, below its previous forecast of a return on sales of 0% to 2%.
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