Provide chain disruptions are inflicting a manufacturing backlog on the world’s largest truckmaker, Daimler Vehicles.
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Shares of Daimler Truck hit a recent all-time excessive Friday, spiking greater than 13.5% in early offers, after posting document full-year revenue and saying a 2 billion euro ($2.16 billion) share buyback program.
The German truck maker posted better-than-expected pre-tax earnings of $5.5 billion euros for 2023, up 39% on the earlier yr’s 4.4 billion. Analysts had anticipated EBIT (earnings earlier than revenue tax) of 5.2 billion.
The corporate additionally mentioned it might conduct the buyback program over the course of the approaching 24 months and proposed a dividend of 1.9 euros per share for 2023, up from 1.3 euros a yr earlier.
Daimler’s Chairman Martin Daum described 2023 as a document yr for the corporate in a press release, however cautioned that income and earnings had been more likely to be flat in 2024 amid “troublesome financial situations.”
