Daimler Buses has kept stable volumes of sales in Q1 2024, but revenue are increasing 24%

Daimler Truck global sales in Q1 2024 decreased 13% to 108,911 units (Q1 2023: 125,172 units). On the other hand, sales of battery-electric vehicles jumped by 183% to 813 vehicles (Q1 2023: 287). 

In the whole 2023, Daimler Buses sold 9% more vehicles than in 2022 with an increase in revenue of 24%.

Daimler Buses Q1 2024 results

Daimler Buses Q1 2024 results exhibit a significant surge in revenue and profitability. In terms of unit sales, Daimler Buses witnessed a slight increase, with 5,604 units sold in Q1 2024 compared to 5,570 units in the same period last year. 

The main highlight of Daimler Buses’ Q1 2024 performance is the substantial growth in revenue. The company reported a revenue of $1.176 billion, marking a 24% increase from $950 million in Q1 2023. The company’s EBIT (adjusted) surged to $59 million, representing a staggering 535% increase from $9 million in Q1 2023, and the reason for that are not specified in the press release shared by the company.

Group’s revenue remain on the same level as Q1 2023

Daimler Truck achieved €13.3 billion revenue in Q1 2024, on the same level as the previous year’s first quarter (Q1 2023: €13.2 billion). With a slight increase adjusted Group EBIT is on the same level as the previous year to €1.21 billion in the reporting period (Q1 2023: €1.16 billion). In the Industrial Business (IB), adjusted EBIT of €1.16 billion was slightly higher than in the same period of the previous year (Q1 2023: €1.11 billion).

At €847 million, net profit increased compared to the prior-year quarter with €795 million. With €1,213 million, the free cash flow of the Industrial Business was significantly higher than previous year’s Q1 (Q1 2023: 168 million), driven by significant reduction in trade receivables due to timing of customer payments in the first quarter of 2024. Full year expectation for the free cash flow thus remains unchanged. Adjusted return on sales at Daimler Truck’s Industrial Business increased year-on-year to 9.3% (Q1 2023: 8.8%). Earnings per share amounted to €1.00 (Q1 2023: €0.90).

Martin Daum, CEO of Daimler Truck: “We had a positive start into 2024, delivering a robust profitability on lower sales volumes. Our first quarter results clearly demonstrate: While markets are getting back to normal, our company delivers stable EBIT and Return on Sales. While we are on track towards our financial targets for the full year, headwinds in Europe are increasing. Our global team is focused, determined and confident to achieve our 2024 targets.”