By Kim Richters 
 

Daimler AG said Friday that earnings for the third quarter increased despite the semiconductor shortage that affected production and sales.

Net profit for the quarter rose to 2.47 billion euros ($2.89 billion), from EUR2.05 billion a year earlier, the German premium car maker said.

Earnings before interest and taxes increased 17% to EUR3.58 billion because of better product mix, revenue quality and tight fixed costs control, it said.

Revenue edged lower to EUR40.08 billion from EUR40.28 billion as the chip shortage hit production and vehicle sales in the three-month period, it said.

For 2021, Daimler said it continues to expect group revenue and EBIT significantly above prior-year levels.

Daimler said it expects component bottlenecks and supply-chain constraints to continue to affect global auto production in the fourth quarter. While the chip shortage should improve in the last quarter of the year compared with the third, it should remain "an issue" into 2022, it said.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

October 29, 2021 01:57 ET (05:57 GMT)

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