Daimler Sees Rebound in Third Quarter TheDetroitBureau.com – Paul Eisenstein

Daimler AG CEO Ola Källenius got a nice third-quarter surprise with the earnings rebound.

Daimler AG says its financial outlook has improved dramatically in the third quarter after a steep drop in the first half of the year due to the rapid spread of COVID-19 around the globe, which is beginning to reappear across Europe.

The company’s rebound during the quarter just ended was boosted by a faster than expected market recovery and a particularly strong September performance, Daimler said in a statement released ahead of the full disclosure of the company’s quarterly financial report.

The recovery “combined with diligent cost discipline, extensive cash preservation measures and further efficiency enhancements, means that Industrial free cash flow is significantly above market expectations for the third quarter of 2020,” statement said.

(Former Daimler CEO Zetsche declines return in chairman’s role.)

Daimler officials said the company’s better-than-expected results came about due to strong sales.

Daimler Group earnings before interest and taxes or EBIT of 3.07 billion euros, or $3.6 billion, in the third quarter versus the consensus estimate by analysts of 1.95 billion euros

Officials also expect the