Daimler Warns It Won't Meet 2008 Profit Forecast

German automaker Daimler AG issued another profit warning for the year as it reported third-quarter profit of 213 million euros ($273.5 million) on Thursday, reversing a year-ago loss of 1.5 billion euros.

The company abandoned its 2008 earnings forecast and reported a fall in North American sales. The company's shares fell more than 8 percent but later recovered.

In a conference call with analysts and reporters, Chief Executive Dieter Zetsche said the global financial crisis has struck the automaker.

"We saw substantial declines" in sales, notably in European markets, he said, adding demand for the company's premium cars had slumped in markets as diverse as the U.S., France and even Russia.

"This is more than just a headwind," Zetsche said.

 

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1990300zxTT - 10/23/2008 4:12:46 PM

+3 Boost

all business got hit hard..why not show the other companies too. dun put daimler on spot. mb is a premium brand ..people losin jobs dont help either...its good for brands like honda, toyota n nissan tho.

WorldofLuxury - 10/24/2008 2:28:24 AM

+1 Boost

sigh...it's the early 90s once again. Let's hope that in 2010, we'll see a complete turn around.