Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Mercedes-Benz preannounces strong free cash flow results for 2023

Published 02/02/2024, 08:20 AM
Updated 02/02/2024, 08:23 AM
© Reuters.  Mercedes-Benz preannounces strong free cash flow results for 2023

Shares of German luxury carmaker, Mercedes-Benz (OTC:MBGAF) are up nearly 3% on Friday after the company reported their industrial business’ preliminary free cash flow results for 2023 of 11.3 billion euros ($12.28 billion).

Results surpassed consensus estimates of 9.9 billion euros by 14% and marked a substantial 21% increase compared to the previous year's figures in 2022. Mercedes-Benz is scheduled to unveil its complete earnings report on February 22, with other results anticipated to align more closely with market expectations.

The company attributed their outperformance to improved working capital and enhanced cash conversion.

“Whilst the pre-release presents a positive picture of 4Q23 cash generation, we think investors will remain focused on the FY24 guidance,” wrote analysts in a note.

Mercedes-Benz has not shared details about the other aspects of its full-year guidance. These details are expected to be revealed when the company publishes its 4Q23 and FY23 earnings.

Following German market rules, companies are required to make an ad-hoc announcement if they learn of results that significantly differ from the guidance and market expectations, usually exceeding a threshold of about +10%.

Analysts expect the German automaker to report 2023 EPS of 13.07 euro, slightly ahead of consensus.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.