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Bill Nygren and David Herro Comment on Daimler

July 12, 2013 | About:

Another top contributor for the quarter was Daimler (DAI), the global auto manufacturer of the Mercedes brand. Even though Daimler’s first-quarter results were below expectations, investors remained upbeat, and Daimler’s stock price continued to climb due to improving sales trends in the auto industry. The company’s Mercedes-Benz deliveries increased nearly 12% in April, and since the beginning of the year unit sales increased about 6%. Mercedes-Benz sales in the U.S. grew just over 4% during the past quarter, and year-to-date sales were up 10% versus the year-ago period. In addition, Daimler announced that it may sell four company-owned Mercedes-Benz dealerships in Germany to reduce costs and better align its profitability with its close competitors, BMW and Audi.

From the Oakmark Global Select Fund second quarter 2013 commentary.

Rating: 3.3/5 (3 votes)

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