Daimler Profits Soar On Record Sales

German automaker Daimler's net earnings have risen by nearly half, lifted by a record number of vehicles sold and gains from divestments.



Daimler said Thursday its net profits were up 49 percent in the third quarter as revenues rose 10 percent and the company raked in $1 billion by selling its stake in a manufacturer of heavy-duty engines.



The automaker reported a net profit of 2.82 billion euros ($3.6 billion) for the period from July to September, a 49 percent increase over last year's 1.9 billion euros. Revenues jumped to 33.12 billion euros from 30.1 billion euros.



Daimler, which produces Mercedes-Benz vehicles among others, said it sold more than 637,400 units - 7 percent more than last year. It also made around 1 billion euros from selling its shares in Rolls-Royce Power Systems Holding.



The company's chief executive, Dieter Zetsche, said Daimler's strategy was paying off. "Both the product offensives and the efficiency programs are taking effect," he said.



The automaker also confirmed its sales and earnings targets for 2014, saying it expected a "significant" increase in both.



cjc/ng (AFP, AP)