- Group continues growth and further improves profitability
- Unit sales increased across all segments to 131,888 units (Q2 2022: 120,961)
- Significant increase in revenue: €13.9 billion (Q2 2022: €12.1 billion)
- Adjusted EBIT significantly increased to €1,428 million (Q2 2022: €1,010 million)
- Double-digit profitability: Adjusted return on sales (ROS) of the Industrial Business of 10.3% (Q2 2022: 8.0%)
- Net profit of €1,004 million (Q2 2022: €946 million)
- Free cash flow of the Industrial Business at €382 million (Q2 2022: minus €756 million)
- Earnings per share: €1.11 (Q2 2022: €1.12)
Daimler Truck Holding AG (Daimler Truck) continued its path for sustainable growth and profitability, reporting strong second quarter and half-year 2023 results. After the Group just recently shared its upgraded full-year guidance, today’s Q2 disclosure is another proof for the positive momentum since Daimler Truck started its mission as an independent company. In the second quarter of 2023, worldwide unit sales of the Group increased by 9% versus the prior-year quarter, selling in total 131,888 units (Q2 2022: 120,961).
Martin Daum, CEO of Daimler Truck: “Just a few weeks ago we raised our guidance for 2023, confirmed our ambitions for 2025 and announced an even more ambitious profitability plan for 2030. Today, our strong figures for the first half of this year underscore our positive momentum: Daimler Truck keeps going strong. Our entire team is determined to make 2023 another record year – for the benefit of our customers, our shareholders and our employees.”
Supported by strong unit sales, a robust net pricing and an improvement of the aftersales business, the Group’s revenue rose significantly by 15% to €13.9 billion (Q2 2022: €12.1 billion). Adjusted Group EBIT increased significantly by 41% to €1,428 million in the reporting period (Q2 2022: €1,010 million). In the Industrial Business (IB), adjusted EBIT of €1,363 million was significantly higher (+45%) than in the same period of the previous year (Q2 2022: €940 million). At €1,004 million, net profit was slightly above prior-year’s quarter of €946 million. With €382 million, free cash flow of the Industrial Business was significantly above previous year (Q2 2022: minus €756 million). With 10.3% adjusted ROS of the Industrial Business, Daimler Truck marks its first double-digit profitability (Q2 2022: 8.0%). Earnings per share amounted to €1.11 (Q2 2022: €1.12).
Jochen Goetz, CFO of Daimler Truck: “We’ve recorded a strong business performance in the second quarter of 2023 and exceeded market expectations. Daimler Truck achieved a record adjusted return on sales in the Industrial Business of more than 10 percent for the first time – this is an important milestone proving our commitment to uplift profitability.”
Key Figures – Group and Segments
| Group | |||||||
| Q2 2023 | Q22022 | +/- | HY 2023 | HY 2022 | +/- | ||
| Unit Sales | 131,888 | 120,961 | 9% | 257,060 | 230,247 | 12% | |
| Revenue* | 13,880 | 12,104 | 15% | 27,080 | 22,655 | 20% | |
| EBIT (adjusted)* | 1,428 | 1,010 | 41% | 2,590 | 1,661 | 56% | |
| ROS (adjusted, IB)** | 10.3 | 8.0 | – | 9.6 | 7.0 | – | |
| Free Cash Flow (IB)* | 382 | -756 | – | 549 | -683 | – | |
| Incoming Orders | 96,936 | 111,412 | -13% | 219,871 | 250,133 | -12% | |
| Earnings per share (EPS) in € | 1.11 | 1.12 | -1% | 2.01 | 1.43 | 41% | |
| Trucks North America | |||||||||
| Q2 2023 | Q22022 | +/- | HY 2023 | HY 2022 | +/- | ||||
| Unit Sales | 50,618 | 44,124 | 15% | 99,509 | 87,601 | 14% | |||
| Revenue* | 5,971 | 5,150 | 16% | 11,778 | 9,733 | 21% | |||
| EBIT (adjusted)* | 783 | 523 | 50% | 1,458 | 909 | 60% | |||
| ROS (adjusted)** | 13.1 | 10.2 | – | 12.4 | 9.3 | – | |||
| Mercedes-Benz | |||||||||
| Q2 2023 | Q22022 | +/- | HY 2023 | HY 2022 | +/- | ||||
| Unit Sales | 39,236 | 38,812 | 1% | 73,728 | 72,575 | 2% | |||
| Revenue* | 5,553 | 4,880 | 14% | 10,543 | 9,185 | 15% | |||
| EBIT (adjusted)* | 544 | 512 | 6% | 984 | 853 | 15% | |||
| ROS (adjusted)** | 9.8 | 10.5 | – | 9.3 | 9.3 | – | |||
| Trucks Asia | |||||||||
| Q2 2023 | Q22022 | +/- | HY 2023 | HY 2022 | +/- | ||||
| Unit Sales | 40,097 | 36,704 | 9% | 80,307 | 66,697 | 20% | |||
| Revenue* | 1,687 | 1,546 | 9% | 3,447 | 2,967 | 16% | |||
| EBIT (adjusted)* | 90 | 30 | 203% | 171 | 61 | 181% | |||
| ROS (adjusted)** | 5.4 | 1.9 | – | 5.0 | 2.0 | – | |||
| Daimler Buses | |||||||||
| Q2 2023 | Q22022 | +/- | HY 2023 | HY 2022 | +/- | ||||
| Unit Sales | 6,181 | 5,075 | 22% | 11,751 | 8,657 | 36% | |||
| Revenue* | 978 | 873 | 12% | 1,928 | 1,499 | 29% | |||
| EBIT (adjusted)* | 33 | -10 | – | 42 | -55 | – | |||
| ROS (adjusted)** | 3.4 | -1.2 | – | 2.2 | -3.7 | – | |||
| Financial Services | |||||||||
| Q2 2023 | Q22022 | +/- | HY 2023 | HY 2022 | +/- | ||||
| New Business | 2,507 | 2,364 | 6% | 4,907 | 3,932 | 25% | |||
| Revenue* | 632 | 398 | 59% | 1,244 | 707 | 76% | |||
| EBIT (adjusted)* | 65 | 71 | -8% | 116 | 117 | -1% | |||
| Return on equity (adjusted)** | 11.4 | 15.1 | – | 10.3 | 13.3 | – | |||
*in millions of €
**in percent
Outlook 2023
Daimler Truck just recently updated its overall guidance for the 2023 financial year for the Group level and all segments of the Industrial Business: The adjusted ROS guidance for the Industrial Business for 2023 increased to a range of 8.5-10% (previously: 7.5-9%). The adjusted ROS guidance for Trucks North America was lifted to the range of 11-13% (previously: 10-12%). For Mercedes-Benz, the Group now expects an adjusted ROS between 8-10% (previously: 7-9%). Trucks Asia is now expected to reach an adjusted ROS between 4-6% (previously: 3-5%). For Daimler Buses the adjusted ROS target corridor was raised to between 3-5% (previously: 2-4%).
