By Giulia Petroni and Cristina Roca 
 

Shares in Daimler Truck Holding AG traded sharply higher Thursday after the company said that it met its targets for 2021 boosted by market recovery and cost measures, and that it expects sales to grow this year despite supply-chain bottlenecks.

At 0815 GMT, Daimler Truck shares were trading 6.3% higher at EUR25.52.

The German commercial-vehicles maker said full-year revenue for 2021 came in at 39.8 billion euros ($43.8 billion), a 10% increase from a year earlier. Incoming orders in the industrial business increased 37% to 590,000 units, driven by strong demand across segments, it said.

Although its truck portfolio in Europe and North America was affected by supply-chain constraints, Daimler Truck said it delivered on its cost-cutting and margin-improvement targets.

Looking at the year ahead, Daimler Truck said it doesn't expect its supply chains to be significantly affected by the war in Ukraine, though it expects bottlenecks in the semiconductor industry to continue to hurt sales, mainly in the first half.

The company expects revenue for the year in the range of EUR45.5 billion to EUR47.5 billion and a significant increase in adjusted earnings before interest and tax in the current year.

Daimler Truck's guidance looks bullish, Citi analysts said.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

March 24, 2022 04:40 ET (08:40 GMT)

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