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German automaker Mercedes-Benz reported a 4.4% drop in total business in the first quarter, hit by supply chain issues and model changes, and lower-than-expected revenue. The company announced a 35.9 billion euro ($37.4 billion) annual decline, while earnings before interest and taxes fell by about 30% to 3.86 billion euros. The operating profit margin of the company’s most important passenger car business fell 5.8 percentage points to 9%. The company’s management had warned that the year had started poorly.
Meanwhile, consolidated profit for the first quarter of this year was $3.03 billion, about 25% less than the same period last year. The German company maintained its full-year forecast.
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