By Kim Richters
Mercedes-Benz Group AG on Wednesday raised some targets for the year and said that second-quarter revenue and earnings increased thanks to strong demand, pricing and model mix.
The German luxury-car maker said adjusted earnings before interest and taxes rose 8% to 4.94 billion euros ($5 billion) and revenue rose 7% to EUR36.44 billion. At the company's cars business, adjusted return on sales for the quarter stood at 14.2%, up from 12.8%.
The three-month results, which are for continuing operations, were driven by strong demand, pricing and model mix, said the company.
Mercedes-Benz lifted some of its targets for 2022 on the back of the results. On group level, it expects revenue "significantly above" prior-year level, up from a previous target of "slightly above," and EBIT should come in "slightly above" last year level, compared with a previous target of "at the prior-year level." For its cars business, it targets adjusted return on sales at 12%-14%, rather than 11.5%-13% expected previously.
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(END) Dow Jones Newswires
July 27, 2022 01:26 ET (05:26 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.