By David Sachs Mercedes-Benz Group shares fell Thursday after the car maker reported a drop in third-quarter profit due to lower demand and currency effects,...
Mercedes-Benz Group shares fell Thursday after the car maker reported a drop in third-quarter profit due to lower demand and currency effects, and warned that headwinds would continue for the rest of the year.The luxury-car company flagged high supply-chain costs, inflation and currency-exchange rates for the performance. On a post-earnings call, Chief Financial Officer Harald Wilhelm said he expects headwinds to continue into the fourth quarter.
Net profit in the third quarter fell to 3.72 billion euros , a 7% drop from the same period last year, the company said. Revenue fell 1.4% to EUR37.20 billion. Return on sales for the cars business was 12.4%, down from 14.5% a year ago.
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