DaimlerChrysler’s Quarterly Profit Falls
From Associated Press
DaimlerChrysler said it would be difficult for its U.S.-based Chrysler Group to achieve its 2003 profit target after a first quarter in which heavy incentives and lower volume offset cost savings.
The German-American automaker said its first-quarter profit fell, but results still beat analysts’ expectations.
DaimlerChrysler said it earned $646 million for the first three months of 2003. That compares with $2.76 billion a year earlier, when profit was inflated by the sale of shares in its information systems division.
Analysts were expecting a profit of $558 million.
The company’s U.S. shares fell $1.24 to $32.57 on the New York Stock Exchange.
