BERLIN (dpa-AFX) - German automobile major Mercedes-Benz Group AG (MBGAF) reported first-quarter net profit attributable to shareholders of 2.97 billion euros or 2.86 euros per share down from 3.95 billion euros or 3.69 euros per share last year.
Group Earnings Before Interest and Taxes or EBIT for the quarter declined to 3.86 billion euros from the prior year's 5.50 billion euros, reflecting lower raw material prices, tight cost control and a strong performance at Mercedes-Benz Vans. These effects partially offset lower sales at Mercedes-Benz Cars where supplier bottlenecks and model changeovers in the Top-End segment also led to a less favourable model mix.
Revenue for the first quarter declined to 35.87 billion euros from the prior-year's 37.52 billion euros, due to a slight decrease in unit sales, an unfavourable product and market mix and a negative development of the exchange rates.
Mercedes-Benz confirmed its full-year financial targets for 2024. The company said in February that it expected group revenue to remain at the prior-year level. Group EBIT was expected to be slightly below the previous year's level in a market environment that remains challenging.
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