October 24, 2019 / 5:19 AM / 20 days ago

CORRECTED-Daimler reports Q3 operating profit rose 8%

(Corrects to say that earnings before interest and taxes rose, not fell, in headline and paragraphs 1 and 2, and corrects to say passenger car sales rose, not fell, in final paragraph)

FRANKFURT, Oct 24 (Reuters) - Daimler on Thursday announced cost cuts as it reduced its revenue outlook for Mercedes-Benz trucks unit and reported a slight rise in third-quarter operating profit.

Earnings before interest and taxes rose 8% to 2.69 billion euros, up from 2.49 billion euros in the year-earlier period.

“In order to master the transformation in the next few years, we need to increase our efforts considerably: we have to significantly reduce our costs and consistently strengthen our cash flow,” Chief Executive Ola Kaellenius said, without elaborating.

Daimler reiterated that it expected group earnings before interest and taxes to be significantly lower than last year, and warned it now sees revenue at the trucks division to be at the year-earlier level instead of expecting slight revenue growth.

The return on sales at Mercedes-Benz Cars fell to 6%, down from 6.3% in the year-earlier period, despite an 8% rise in passenger car sales during the quarter, Daimler said.

Reporting by Edward Taylor; editing by Thomas Seythal

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