Shares of Daimler Soar High after Pretax Profit Said To Surge 87% Last Quarter

Shares of Daimler AG topped Germany’s stock benchmark DAX on Wednesday after the maker of Mercedes-Benz cars reported that pretax profit in the first three months of 2017 comfortably outpaced market forecast by soaring 87%.

In the three-month period to March 31st, Daimler’s earnings before interest and taxes jumped to EUR4 billion ($4.2 billion) from EUR2.15 billion recorded in the year earlier. The rally was spurred by higher earnings in the Mercedes-Benz car division as well as in its other main businesses.

While earnings at Mercedes-Benz cars rose 60% to EUR2.23 billion, pretax profit from Daimler’s truck division rose nearly 30% to EUR668 million.

Full quarterly results of the company will be posted later this month on April 26.

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