By David Sachs

Shares in Daimler Truck slipped Tuesday after the company reported lower-than-expected earnings and a drop in vehicle sales.

At 0958 GMT, shares in the German truck and bus company was down 4% at EUR28.47.

Daimler Truck's net profit fell to 957 million euros ($1.03 billion) from EUR990 million in the third quarter of the prior year, it said. Adjusted earnings before interest and taxes rose to EUR1.34 billion from EUR1.27 billion. However, analysts had expected adjusted EBIT at EUR1.39 billion, according to FactSet.

Supply-chain bottlenecks affected the bottom line, which included vehicle sales falling to 128,861 from 134,972 a year ago, Daimler said.

The company reported a 9.8% return on sales for its industrial business, up from 9.4%, and nearly doubled its free cash flow within its industrial segment to 1.09 billion from EUR592 million.

Still, Daimler said it is focused on cost efficiency.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

November 07, 2023 05:23 ET (10:23 GMT)

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