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Daimler third-quarter profit falls on diesel engine upgrades

Earnings before interest and tax at the German automotive group plunged 14 percent to €3.46 billion in the July-to-September period. (Reuters)
BERLIN: Daimler’s third-quarter operating profit declined, as the cost of making diesel engine cars run cleaner and other special items outweighed record sales of Mercedes-Benz luxury models.
Earnings before interest and tax (EBIT) at the German automotive group plunged 14 percent to €3.46 billion in the July-to-September period, Daimler said on Friday, in line with the €3.43 billion consensus forecast in a Reuters poll of banks and brokerages.
Daimler last quarter spent about €220 million to update over €3 million current and older Mercedes diesel models in Europe to curb pollution and help avert driving bans.
The cars and trucks manufacturer stuck with its guidance for a significant increase in group EBIT this year. It said it now expected EBIT at its trucks division to also significantly exceed year-ago levels, having previously guided for flat EBIT.

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