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Oct. 23, 2020, 1:43 a.m. EDT

Daimler's profit rises, but revenue falls

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By Kim Richters

Daimler AG said Friday that third-quarter net profit rose while revenue declined.

Net profit for the quarter rose to 2.05 billion euros ($2.42 billion) from EUR1.72 billion a year earlier, the German premium car maker said.

However, revenue fell to EUR40.28 billion from EUR43.27 billion.

As reported earlier this month as preliminary figures, earnings before interest and taxes came to EUR3.07 billion compared with EUR2.69 billion a year earlier, while adjusted EBIT was EUR3.48 billion compared with EUR3.14 billion.

Daimler said its business profited from improving markets and cost-saving measures, and it expects the positive development to continue in the fourth quarter.

As for the full year, the car maker forecasts full-year group EBIT to be at the previous year's level. Unit sales and revenue for 2020 are expected to be significantly below the previous year's figures, Daimler said.

Write to Kim Richters at kim.richters@wsj.com

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