Mercedes-benz's profit falls sharply

Daimler AG said Wednesday that profit for the first quarter of the year fell significantly and that revenue also declined.

Aftertax profit for the quarter fell to 168 million euros ($182.1 million) from EUR 2.15 billion a year earlier, the German premium carmaker said.

Net profit attributable to the group's shareholders was EUR 94 million, compared with EUR2.10 billion.

Revenue fell 6% to EUR 37.22 billion.

As reported last week, Daimler's first-quarter earnings before interest and taxes fell to EUR617 million from EUR 2.80 billion the prior year. Adjusted EBIT dropped to EUR719 million from EUR 2.31 billion.

Daimler said last week that it expected revenue, EBIT, as well as an industrial free cash flow to drop this year and warned that the full impact of the coronavirus pandemic on demand, supply chains, and vehicle production couldn't be assessed in full detail at this stage.