DaimlerChrysler earnings down 90%--OUCH!
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DaimlerChrysler earnings down 90%--OUCH!
I hope they turn things around!!
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July 24, 2003: 7:49 AM EDT
NEW YORK (CNN/Money) - DaimlerChrysler reported about a 90 percent decline in earnings as its Chrysler unit drove deep into the red in the second quarter, but it still managed to beat Wall Street expectations.
The world's No. 3 automaker in terms of revenue earned 109 million, or 0.11 a share. That works out to $125 million, or 13 cents a share, down from $1.3 billion, or $1.27 a share, a year earlier. Analysts surveyed by earnings tracker First Call were looking for earnings per share of 7 cents.
The Chrysler Group, its North American operation and largest unit, posted a $1 billion loss, compared with a $495 million profit a year earlier, as sales fell while the cost of incentives needed to attract buyers increased.
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July 24, 2003: 7:49 AM EDT
NEW YORK (CNN/Money) - DaimlerChrysler reported about a 90 percent decline in earnings as its Chrysler unit drove deep into the red in the second quarter, but it still managed to beat Wall Street expectations.
The world's No. 3 automaker in terms of revenue earned 109 million, or 0.11 a share. That works out to $125 million, or 13 cents a share, down from $1.3 billion, or $1.27 a share, a year earlier. Analysts surveyed by earnings tracker First Call were looking for earnings per share of 7 cents.
The Chrysler Group, its North American operation and largest unit, posted a $1 billion loss, compared with a $495 million profit a year earlier, as sales fell while the cost of incentives needed to attract buyers increased.
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