FRANKFURT, Germany (AP) — German automaker Daimler lowered its profit outlook for the second time this year on Friday and reported reduced third-quarter profits due to regulatory and diesel emissions issues.
The company said its group operating profit would be "significantly below" last year's, instead of "slightly lower" as forseen in July.
A similar downgrade applied to expectations for the Mercedes-Benz luxury car division, a pillar of the company's earnings.
A Trump administration-led trade war with China and U.S. tariffs on steel and aluminum are putting pressure on earnings for automakers, prompting General Motors to slash its outlook and, among other factors, cutting into Ford Motor Co.'s earnings.
GM cited "recent and significant increases in commodity costs" for why it now expects 2018 profits of $5.14 a share, down from its previous forecast of $6 and below analysts' expectation of $6.42.
BERLIN (AP) — German automaker Daimler AG has lowered its 2018 earnings outlook, a change that it says is partly due to increased import tariffs for U.S. vehicles in China.
The company said late Wednesday that it now sees fewer SUV sales and higher costs at its Mercedes-Benz Cars division than previously expected, as a result of the tariffs, and "this effect cannot be fully compensated by the reallocation of vehicles to other markets." Daimler produces vehicles in the U.S.
NEW YORK (AP) — Gap Inc. is raising its earnings outlook after delivering a solid sales performance during the critical holiday shopping period.
The San Francisco, California-based company said fourth-quarter revenue at stores opened at least a year rose 2 percent.
By division, Gap's namesake stores saw the key measure unchanged, while Old Navy enjoyed a 5 percent gain. Banana Republic posted a 3 percent decline.
NEW YORK (AP) — Wal-Mart's vast fleet of stores and its online business are starting to click together.
The company raised its earnings outlook for the year on Thursday and delivered strong profit and sales for the second quarter, as moves to improve the store and online experience are winning over customers.