Daimler posts $1.95 billion fourth-quarter loss
Daimler is the latest in a long line of automakers to post a heavy decline for Q4 earnings in 2008. The German automaker was in the red to the tune of $1.95 billion, which is isn't a surprise considering October through December was among the worst periods for car sales in modern times. The loss was also a big swing from the $2.14 billion in profit Daimler posted in Q4 2007. Sales shrunk by 17% for the quarter as well, with net cash flow down by 12% to $26.9 billion. A big portion of Daimler's loss came courtesy of Chrysler, as the German automaker's 19.9% stake resulted in $1.4 billion in losses. Daimler is looking to unload it's share of Chrysler, but at this point will likely have to pay a massive premium to take the Auburn Hills, MI-based automaker off its books.
Daimler still managed a $1.77 billion profit in 2008, though that's down from $3.77 billion just one year earlier. Don't expect Daimler to make any predictions for 2009, either. The automaker is expecting continued struggles ahead for Mercedes-Benz, as the economic downturn is pinching wealthier buyers just as much as the rest of us.
[Source: Detroit News | Photo by TORSTEN SILZ/AFP/Getty]
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Reader Comments (Page 1 of 2)
BigMcLargeHuge 4:05PM (2/17/2009)
Great pic to go with the headline!
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Rainy99 4:17PM (2/17/2009)
The best executive pic yet!
JDC 8:13PM (2/17/2009)
The only thing missing is a Borat like bubble "Great Success!"....
Kaptain75329 11:21PM (2/17/2009)
"The only thing missing is a Borat like bubble 'Great Success!' " - JDC
No kidding! I pulled up this post specifically just to read the comments.. I knew this one would be a dozy. :)
Mr.Oak 4:06PM (2/17/2009)
Awwww damn, I feel so badly for them.
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Franz 4:07PM (2/17/2009)
Damn... did I read that right? $1.95 billion in losses and $1.4 Billion of that was due to Chrysler? They're lucky they only have a 19.9% stake left.
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MemphisNET 4:10PM (2/17/2009)
They're the one's that OK'd the Sebring, Avenger, Caliber etc etc. They have no one to blame but themselves.
Sean 4:23PM (2/17/2009)
Seriously. Monopoly Guy.
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j 5:27PM (2/17/2009)
Do not pass go, Do not collect 1.95 billion.
ncsustash 4:31PM (2/17/2009)
what a great pic!
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jv2k 4:33PM (2/17/2009)
How are they surprised that they are making a loss after they neutered chrysler.
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MemphisNET 5:01PM (2/17/2009)
+1
Smegley 4:45PM (2/17/2009)
What? No caption?
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sdcarnut 5:15PM (2/17/2009)
I made a real quick thought bubble for him...
http://img135.imageshack.us/my.php?image=dieterel4.jpg
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Jrejre 5:25PM (2/17/2009)
How about "This is the thumb I used to screw Chrysler in the ass"
Frank 8:55AM (2/18/2009)
Jrejre,
Best...Comment...Ever!
Jrejre 5:24PM (2/17/2009)
Dr. Wily looks happy. He must have finally beaten Megaman.
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Colin Smith 5:45PM (2/17/2009)
He looks like Pinocchio's daddy.
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P.V. 6:21PM (2/17/2009)
This picture is just waiting for a speech bubble. I just know it.
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momaclj 6:31PM (2/17/2009)
my husband has been with chrysler 25 yrs. he has worked his a** off for this company. Yeah they pay good wages but the men & women that work there work hard. People that are against unions are the ones that have never had a union job. 5 generations of men in my family were auto workers , without the union an employee has no one to back up their rights!!!
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