Daimler reports $1.86 billion 1st-quarter loss

Posted on Tuesday, April 28th, 2009 at 12:33 PM EDT.

Daimler AG expects another significant loss in the second quarter after posting first-quarter results that fell far short of expectations, Reuters reported. The company burned through more of its cash, sending its shares tumbling, the news service said.

Only hours after exiting its investment in Chrysler, the company said that earnings before interest and tax (EBIT) swung to loss of 1.43 billion euros ($1.86 billion), Reuters said. The company’s net loss was 1.29 million euros compared with a 1.33 million euros net profit in the first quarter of 2008, the story said.

Results were worse than the near 950 million loss forecast on average in a Reuters poll of 20 analysts. All major divisions posted losses amid a sharp slump in demand and government scrapping schemes that mainly helped rivals making smaller cars, the story said. (Reuters/Automotive News)

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