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Auto giant reports progress in cutting costs

Friday, Oct. 26, 2001 | 9:49 a.m.

FRANKFURT, Germany -- DaimlerChrysler AG said its net income fell 70 percent in the third quarter, but analysts welcomed the company's progress in cutting costs and losses at its struggling Chrysler division in the United States.

For the three months ended September, DaimlerChrysler earned 902 million euros ($802 million), compared with 3.01 billion euros a year earlier as the company struggled to maintain sales in the United States after the Sept. 11 terror attacks.

But profit fell only 13 percent when one-time factors such as a share swap involving its stake in the aerospace firm EADS were excluded. And operating profit unexpectedly rose 19 percent to 666 million euros ($592.7 million) from 540 million euros.

"A turnaround on the operational level brings the cash flow to improve the financial performance," said Georg Stuerzer, an analyst at HypoVereinsbank in Munich.

Separately, Daimler Chrysler AG said today it will extend until Nov. 19 its offer of no-interest financing on certain 2002 vehicles.

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