Q2 2024 Daimler Truck Holding AG Earnings Call Transcript
Key Points
- Daimler Truck Holding AG (DTRUY) achieved an adjusted group EBIT of EUR1.2 billion and an adjusted return on sales of 9.3% for the industrial business.
- Trucks North America reported record margins of 14.5%, showcasing strong performance.
- Daimler Buses achieved a return on sales of 9.1%, reflecting excellent performance in a challenging market.
- Sales of zero-emission vehicles continue to grow, with significant progress in battery-electric and hydrogen-powered trucks.
- The rating agency Standard & Poor's Global Ratings raised its long-term rating for Daimler Truck from BBB-plus to A-minus, underlining the company's financial strength.
- A one-time non-cash impairment of EUR120 million from the Chinese joint venture, BFDA, impacted the second quarter results.
- Unit sales decreased by 15% compared to the prior year, with significant declines in Europe and Asia.
- Free cash flow for the industrial business was negative at minus EUR285 million.
- Mercedes-Benz Trucks reported a decline in return on sales to 6.5%, which does not meet the company's expectations.
- The overall Heavy truck market in Europe is expected to decrease by 12% to 24% compared to 2023, with Central European markets, especially Germany, being over-proportionately affected.
Good morning, ladies and gentlemen. This is Christian Herrmann speaking. On behalf of Daimler Truck, I'd like to welcome you on both telephone and the Internet to our Q2 results global conference call. We are very happy to have with us today Martin Daum, our CEO; and Eva Scherer, our CFO. Martin and Eva will begin with an introduction directly followed by a Q&A session.
The respective presentation can be found on the Daimler Truck's IR website. On our request, this conference will be recorded. The replay of the conference call will also be available as an on-demand audio webcast in the Investor Relations section of the Daimler Truck website.
I would like to remind you that this telephone conference is governed by the Safe Harbor wording you'll find in our published results documents. Please note our presentation contains forward-looking statements that reflect management's current views with respect to future events. Such statements are subject to many risks and uncertainties. If
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