* Group revenues up 9% to $46.0 billion STUTTGART, Germany and
AUBURN HILLS, Mich., Oct. 25 /PRNewswire-FirstCall/ --
DaimlerChrysler (NYSE:DCX) recorded an operating profit of $2,216
million in the third quarter, compared with $1,606 million in the
same period of last year. All automotive divisions contributed to
this positive development. (Logo:
http://www.newscom.com/cgi-bin/prnh/20020212/DCXLOGO ) The Group
posted third-quarter net income of $910 million (Q3 2004: $1,147
million). The increase in operating profit was partially offset by
higher income-tax expenses and financial expenses. Last year's
third quarter net income was positively influenced by a tax-free
income from the sale of the interests in Hyundai Motor Company.
Earnings per share amounted to $0.89 compared with $1.13 in the
third quarter of 2004. In the industrial business, DaimlerChrysler
was able to maintain the very solid net liquidity position reached
in the second quarter. Strong increase in unit sales and revenues
Due primarily to the market success of new products from the
Mercedes Car Group and the Chrysler Group and a significant
increase in unit sales by the Commercial Vehicles Division,
compared with last year's third quarter figures, DaimlerChrysler
increased its worldwide unit sales by 9% to 1.2 million vehicles.
As a result of the higher unit sales, DaimlerChrysler's
third-quarter revenues increased by 9% to $46.0 billion. At the end
of this year's third quarter, DaimlerChrysler employed a workforce
of 388,014 people worldwide (end of Q3 2004: 386,195). Details of
the divisions in the third quarter of 2005 The Mercedes Car Group's
third-quarter unit sales of 310,900 vehicles were 6% higher than in
2004. Revenues reached $15.1 billion (+3%). Operating profit
surpassed the prior-year level at $526 million (Q3 2004: $367
million), continuing its positive earnings trend. The better
profitability was due in particular to the new products and the
efficiency- improving measures. The positive effects on earnings
from increased unit sales were partially offset by the unfavorable
model mix due to the S-Class model changeover. In the third quarter
of this year, the Mercedes-Benz brand increased its unit sales by
10% to 282,100 vehicles. The new M-Class and B-Class were again
very successful, selling 21,300 and 23,000 units, respectively.
Sales of the A-Class soared compared with the prior-year quarter
(+125%), while the E-Class increased by 3%. Additional sales
stimulus is also anticipated in the fourth quarter due to the
launch of the new S-Class and the introduction of the R- Class in
the United States. The new S-Class, which sets a new benchmark with
approximately a dozen pioneering innovations, made its world debut
at the Frankfurt Motor Show in September. Feedback was
exceptionally positive. Mercedes-Benz also presented the European
version of the R-Class and the ML 63 AMG - the high-performance
version of the new M-Class. At the end of September, the Board of
Management of DaimlerChrysler AG approved a package of measures to
be taken to reduce personnel levels at the Mercedes Car Group in
Germany by 8,500 jobs. The staff reductions are to be achieved by
means of voluntary severance agreements over the next twelve
months. These measures will help to achieve much-needed advances in
productivity and competitiveness for the Mercedes Car Group. Most
of the anticipated charges of approximately $1,146 million are
expected to be taken in the fourth quarter of 2005. Unit sales by
the smart brand totaled 28,800 vehicles in the third quarter (Q3
2004: 36,500). During the first nine months of the year, dealers'
inventories were reduced significantly. Third-quarter retail sales
amounted to 30,800 vehicles (Q3 2004: 36,000). The implementation
of the measures for the realignment of the smart business model,
initiated on April 1, 2005, is making progress. In 2005, smart has
already reduced fixed costs by a quarter. In addition, the
functions of procurement and supply as well as design and some IT
functions have been integrated into the Mercedes-Benz organization.
The Chrysler Group's worldwide third-quarter retail sales increased
by 13% to 736,200 vehicles. The increase was due to the market
success of new products as well as the attractive sales program for
employees extended to all customers in the United States and
Canada. Global unit sales (factory shipments) were 12% above the
prior-year quarter, totaling 663,400 vehicles. Revenues rose by 12%
to euro 12.9 billion; when measured in US-Dollar the increase was
also 12%. As a result of increased shipments, the Chrysler Group
continued its positive earnings development by posting an operating
profit of $374 million in a difficult market environment (Q3 2004:
$262 million). The positive effects were partially offset by a
slight negative net pricing. At the Frankfurt Motor Show, the
Chrysler Group presented the Dodge Caliber and the Dodge Nitro, two
new models that will be launched in the US and Europe in 2006. Two
concept vehicles were introduced: the Jeep(R) Compass and the
Jeep(R) Patriot. In September 2005, the Chrysler Group announced
its intention to license production in China of the Chrysler 300C
sedan as well as a minivan to be sold in the Chinese and Taiwanese
markets from the end of 2006. An investment of $362 million is
planned for this project. Also in September, the division and the
National Automobile, Aerospace, Transportation and General Workers
Union of Canada (CAW) agreed on a three- year contract covering
approximately 11,400 employees in Canada. The new agreement
provides for moderate wage, pension and benefit increases for
employees and allows management more flexibility in staff
deployment, which the Chrysler Group believes will allow for
improved productivity in its plants. The Commercial Vehicles
Division once again increased unit sales in the third quarter with
sales of 210,400 vehicles surpassing the high level of Q3 2004 by
9%. Revenues also continued their rise to $12.8 billion (+15%). The
division continued the positive trend of this year and increased
its third-quarter operating profit from $192 million to $600
million. The result for Q3 2004 was impacted by expenses related to
the quality measures and recall campaigns at Mitsubishi Fuso Truck
and Bus Corporation (MFTBC). The positive development of the truck
business also continued in the third quarter of 2005. Unit sales by
the Trucks Europe/Latin America business unit (Mercedes-Benz) of
37,000 trucks were slightly higher than in the same quarter last
year (+3%). Unit sales by the Trucks NAFTA business unit
(Freightliner, Sterling, Thomas Built Buses, Western Star)
increased by 22% to 48,300 vehicles, primarily as a result of
strong demand for Class 8 heavy-duty trucks. MFTBC increased its
unit sales by 6% to 46,000 trucks and 2,200 buses. Sales of 64,200
vehicles by the Vans business unit were 7% higher than in Q3 2004.
The DaimlerChrysler Buses business unit sold 9,200 vehicles and
chassis, 9% more than in last year's third quarter. In September,
the Commercial Vehicles Division presented the second generation
Mercedes-Benz Travego coach, the Mercedes-Benz urban and regional
bus, the Citaro Low Entry, and the new Setra regional bus
MultiClass 400. The Financial Services division posted an operating
profit of $492 million, compared with $497 million in the
prior-year quarter. The stable earnings situation in the third
quarter was primarily due to the continuing positive development of
risk costs partially offset by a higher level of interest rates,
especially in the United States, and lower charges from the
involvement in Toll Collect ($18.1 million; Q3 2004: $143.5
million). Contract volume increased by 8% to $136.7 billion; after
adjusting for exchange-rate effects the increase amounted to 5%. At
the end of the quarter under review, the worldwide portfolio
comprised a total of 6.4 million vehicles. New business decreased
from $17.7 billion to $14.2 billion. In the 'Americas' region, the
division increased its contract volume by 8% to $99.7 billion.
Adjusted for exchange-rate effects the growth amounted to 4%.
Contract volume of $37.0 billion in the region of Europe, Africa,
Asia/Pacific exceeded the high level of last year's third quarter.
In China, Financial Services received official approval to
establish a financing company. In Germany, DaimlerChrysler Bank's
attractive products enabled it to further increase the proportion
of Group vehicles sold that are leased or financed by the Group.
Contract volume grew by 6% to $17.8 billion. DaimlerChrysler Bank
provided services to 973,000 customers, 7% more than a year
earlier. The toll-collection system for trucks on German autobahns
operates smoothly. Other Activities achieved a third-quarter
operating profit of $292 million, compared with $311 million in
2004. The prior-year result included exceptional income from the
agreement reached with Bombardier to settle all disputes relating
to the sale of DaimlerChrysler Rail Systems GmbH (Adtranz). The
European Aeronautic Defence and Space Company (EADS) made an
increased contribution to the Group's operating profit in the past
quarter, due in part to higher deliveries of Airbus aircraft. EADS
will publish its third-quarter figures on November 9, 2005. The
DaimlerChrysler Off-Highway business unit posted third-quarter
revenues of $620 million, exceeding the last year's result by 17%.
Incoming orders of $714 million were also significantly higher than
in Q3 2004 ($523 million). In September, DaimlerChrysler reached an
agreement with the minority shareholders of MTU Friedrichshafen to
acquire their 11.65% interest in that company, thus increasing
DaimlerChrysler's ownership of MTU Friedrichshafen to 100%. In
mid-October, the bidding process opened for the intended sale of
MTU Friedrichshafen. Outlook for full-year 2005 DaimlerChrysler
assumes that dynamic growth in demand for passenger cars will
continue in the emerging markets, while only slight growth is
expected for the markets of North America, Western Europe and
Japan. Global demand for commercial vehicles is expected to further
increase in the fourth quarter. Prospects are still generally
positive in the United States, while demand may weaken slightly in
Western Europe. The Group expects a slight increase in demand for
commercial vehicles in Japan, while emerging markets should
continue their dynamic development. In view of further reductions
in model lifecycles and continuing over-capacity, DaimlerChrysler
does not expect any alleviation of the intensely competitive
pressure in the automobile industry. Compared with 2004,
DaimlerChrysler still expects a slight increase in unit sales for
full-year 2005. The Mercedes Car Group is confident that the
positive unit-sales trend will continue in the fourth quarter.
Stimulus is expected from the M-Class and the B-Class as well as
from the new S-Class, which was launched in Europe in September.
The division assumes that unit sales for the full year will be of
the same magnitude as in 2004, while retail sales are expected to
rise. The Chrysler Group anticipates a continuation of the tough
competition in the North American market during the fourth quarter.
Due to the continued success of its attractive products, the
division expects full-year unit sales to surpass last year's
figure. The Commercial Vehicles Division assumes that unit sales
will remain stable in the fourth quarter. Due particularly to the
strong demand for trucks, unit sales are expected to increase
substantially in full-year 2005. The Financial Services division
anticipates moderate growth in contract volume in 2005. EADS
expects the recovery of the market for civil aircraft to continue
in the fourth quarter. Incoming orders in the full year should
significantly exceed last year's figure. EADS plans to deliver more
than 360 Airbus aircraft in 2005 (2004: 320). The DaimlerChrysler
Group anticipates a significant increase in revenues in 2005.
Compared with the end of 2004, the Group's workforce is expected to
grow slightly, although the headcount at the Mercedes Car Group
should decrease slightly by the end of this year. Year-end
employment levels at the Commercial Vehicles Division should be
higher than at the end of last year. Earnings in full-year 2005
will be impacted above all by the less favorable dollar-euro
exchange rate and hedging rates than in the prior year, as well as
by increases in raw-material prices. An additional factor is that
over the next twelve months, DaimlerChrysler expects to incur costs
of $1,146 million in connection with workforce adjustments at the
Mercedes Car Group. Most of this expense is expected to be recorded
in the fourth quarter of 2005. DaimlerChrysler assumes that the
expenditure for headcount reductions will be offset by income from
special items and improvements in the ongoing business. Therefore,
the earnings guidance for full-year 2005 remains unchanged: The
Group continues to expect a slight increase in operating profit
compared with the prior year ($7 billion), excluding charges
related to the realignment of the smart business model. For the
reader's convenience, the financial information has been translated
from euros into U.S. dollars at an assumed rate of euro 1 = $1.2058
(noon buying rate on September 30, 2005). The convenience
translation does not mean that the euro amounts actually represent
the corresponding dollar amount stated or could be converted into
dollars at the assumed rate.) This document contains
forward-looking statements that reflect management's current views
with respect to future events. The words "anticipate," "assume,"
"believe," "estimate," "expect," "intend," "may," "plan," "project"
and "should" and similar expressions identify forward- looking
statements. Such statements are subject to risks and uncertainties,
including, but not limited to: an economic downturn in Europe or
North America; changes in currency exchange rates, interest rates
and in raw material prices; introduction of competing products;
increased sales incentives; the successful implementation of the
CORE program by the Mercedes Car Group and the new business model
for smart; supply interruptions of production materials, resulting
from shortages, labor strikes or supplier insolvencies; the
resolution of pending governmental investigations; and decline in
resale prices of used vehicles. If any of these or other risks and
uncertainties occur (some of which are described under the heading
"Risk Report" in DaimlerChrysler's most recent Annual Report and
under the heading "Risk Factors" in DaimlerChrysler's most recent
Annual Report on Form 20-F filed with the Securities and Exchange
Commission), or if the assumptions underlying any of these
statements prove incorrect, then actual results may be materially
different from those expressed or implied by such statements. We do
not intend or assume any obligation to update any forward-looking
statement, which speaks only as of the date on which it is made.
Further information from DaimlerChrysler is available on the
internet at: http://www.media.daimlerchrysler.com/ Figures for the
3rd Quarter 2005/Nine Months Ended September 30, 2005 U.S. dollar
figures - convenience translation All values, including the 2004
figures, are converted from euro figures with the exchange rate of
1 euro = US-$ 1.2058 (based on the noon buying rate on September
30, 2005). DaimlerChrysler Group Q3 Q3 Change 01-09 01-09 Change
values in US-$ 2005 2004 05:04 2005 2004 05:04 Revenues, in
millions 46,007 42,072 +9 % 130,615 125,782 +4 % Operating Profit,
in millions 2,216 1,606 +38 % 4,988 5,992 -17 % Net Income, in
millions 910 1,147 -21 % 2,146 2,339 -8 % Per Share (EPS) 0.89 1.13
-21 % 2.12 2.32 -8 % Employees(September 30) 388,014 386,195 0 %
388,014 386,195 0 % Operating Profit (Loss) by Divisions Q3 Q3
Change 01-09 01-09 Change in millions of $ 2005 2004 05:04 2005
2004 05:04 Mercedes Car Group 526 367 +43 % (610) 1,985 -- Chrysler
Group 374 262 +43 % 1,334 1,255 +6 % Commercial Vehicles Division
600 192 +213 % 2,093 1,079 +94 % Financial Services 492 497 -1 %
1,352 1,332 +1 % Other Activities 292 311 -6 % 730 575 +27 %
Revenues by Divisions Q3 Q3 Change 01-09 01-09 Change in millions
of $ 2005 2004 05:04 2005 2004 05:04 Mercedes Car Group 15,095
14,616 +3 % 42,654 44,340 -4 % Chrysler Group 15,542 13,891 +12 %
44,197 44,357 0 % Commercial Vehicles Division 12,772 11,090 +15 %
35,876 29,870 +20 % Financial Services 4,718 4,153 +14 % 13,616
12,394 +10 % Other Activities 710 633 +12 % 1,902 1,668 +14 % Unit
Sales Q3 Q3 Change 01-09 01-09 Change 2005 2004 05:04 2005 2004
05:04 DaimlerChrysler Group 1,177,900 1,077,000 +9 % 3,601,200
3,431,200 +5 % Mercedes Car Group 310,900 293,200 +6 % 865,900
878,500 -1 % Chrysler Group 663,400 594,900 +12 % 2,142,300
2,061,100 +4 % Commercial Vehicles Division 210,400 192,800 +9 %
611,400 503,500 +21 %
http://www.newscom.com/cgi-bin/prnh/20020212/DCXLOGODATASOURCE:
DaimlerChrysler CONTACT: Han Tjan, +1-212-909-9063, or Thomas
Frohlich, +49-7-11-17-9-33-11, both of DaimlerChrysler Web site:
http://www.daimlerchrysler.com/
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