DaimlerChrysler to Post Earnings, ’03 Outlook

DaimlerChrysler, the No. 5 carmaker, plans to give an outlook for 2003 on Thursday when it releases its annual earnings.

DaimlerChrysler set a series of milestones in 2001, when it presented its reorganization program for the Chrysler and Freightliner units in the U.S.

It changed last year’s target twice, first cutting it in February and then raising the forecast in July after Chrysler returned to profit.

The carmaker, based in Stuttgart, Germany, posted operating profit excluding one-time items of $6.3 billion last year, within the range of the original forecast made in February 2001. For 2003, the company originally forecast an operating profit of between $6.3 billion and $7 billion for the year.

Chief Executive Juergen Schrempp has closed six factories and cut 26,000 jobs at Chrysler as sales of Dodge minivans and Jeep Grand Cherokees declined. The company is reorganizing its Mercedes-Benz truck and transporter divisions, as well as the bus and power-systems units.

The company will bring out 13 new Mercedes-Benz models, 16 new Chrysler models and 10 new Mitsubishi models over the next three years. The truck division also will introduce 16 models over the next three years and expects the U.S. Freightliner unit to return to profit this year.