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Daimler's earnings plunge as coronavirus hammers sales

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German car and truck maker Daimler warned of a nearly 70% plunge in first-quarter operating profit as customers shunned car and truck showrooms

) reported a plunge of nearly 70% in first-quarter operating profit on Thursday due to the coronavirus pandemic and warned that the cash flow it uses to pay dividends would fall this year.

Daimler said preliminary adjusted first-quarter earnings before interest and tax slumped 68.9% to 719 million euros while both vehicle sales and revenue would fall this year. Adjusted EBIT for Mercedes-Benz vehicles fell more than 56% to 603 million euros.

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The most interesting part about car sales is there are still hundreds of thousands of people actually still buying new cars each month

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Daimler earnings plunge as coronavirus hammers vehicle sales, productionDaimler AG said on Thursday it expected to report a near 70% plunge in a key first-quarter earnings figure and 2020 industrial free cash flow to fall, as customers shunned Mercedes-Benz car showrooms amid the novel coronavirus pandemic. in other news: duh Poor rich boy 👦
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