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Daimler Profit Misses Estimates on Mercedes Spending
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Daimler AG, the world’s second-largest maker of luxury vehicles, posted earnings before interest and taxes that missed estimates after boosting development spending for Mercedes-Benz cars. The shares dropped.
The fourth-quarter operating profit of 1.56 billion euros ($2.11 billion) missed the average estimate of 16 analysts surveyed by Bloomberg for profit of 2.03 billion euros. Sales rose 24 percent to 26.4 billion euros, the Stuttgart, Germany-based carmaker said in a statement today.