Supply chain disruptions are causing a production backlog at the world’s greatest truckmaker, Daimler Trucks.
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Shares of Daimler Truck strike a fresh all-time large Friday, spiking extra than 13.5% in early specials, just after submitting document whole-year profit and saying a 2 billion euro ($2.16 billion) share buyback application.
The German truck maker posted better-than-expected pre-tax earnings of $5.5 billion euros for 2023, up 39% on the prior year’s 4.4 billion. Analysts experienced anticipated EBIT (earnings prior to earnings tax) of 5.2 billion.
The firm also stated it would perform the buyback application over the class of the coming 24 months and proposed a dividend of 1.9 euros per share for 2023, up from 1.3 euros a yr earlier.
Shares of the inventory dipped somewhat to trade up 12.4% by 10:15 a.m. London time.
Daimler’s Chairman Martin Daum explained 2023 as a file calendar year for the corporation in a assertion, but cautioned that income and earnings ended up possible to be flat in 2024 amid “hard financial disorders.”
Mercedes and Basic Motors are among the a number of other carmakers to have declared share buybacks and enhance dividends over modern months to return funds to traders.