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Daimler Earnings Double

German maker forecasts record Mercedes sales.

by on Apr.29, 2011

Daimler CEO Dieter Zetsche forecasts big increases in demand for Mercedes-Benz, especially in China.

Daimler AG’s first-quarter net profit nearly doubled to $1.65 billion, revenue increasing by 17% on stronger sales across the company’s business lines – which, in turn, prompted a prediction of record sales for Mercedes-Benz passenger cars this year.

“We achieved excellent earnings in the first quarter. This puts us well ahead of our planning and confirms our positive outlook for the year 2011,” Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars, said in a statement Friday.

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Insisting the company is “on the right track,” Zetsche said Daimler is counting on delighting customers w with new product, “continuous innovation and new technologies” in order to “continue our profitable growth.”

Revenues climbed to $34.7 billion, largely reflecting a 12% increase in unit sales in the first quarter to 310,700 vehicles.