March 27, 2018 / 2:15 PM / a year ago

Daimler changes outlook for Mercedes-Benz Cars, Buses

The Mercedes-Benz logo is seen before the company's annual news conference in Stuttgart, Germany, February 4, 2016. REUTERS/Michaela Rehle/File Photo

FRANKFURT (Reuters) - Daimler AG (DAIGn.DE) on Tuesday said accounting changes will result in a changed outlook for its core Mercedes-Benz Cars division as well as for its buses unit.

Daimler has adjusted the way revenues are booked by implementing accounting standards IFRS 9 and 15 which changes the way financial instruments are booked, the Stuttgart-based carmaker said.

“For each of Mercedes-Benz Cars and Daimler Buses, Daimler anticipates earnings before interest and taxes (EBIT) slightly above the prior-year level. The outlook for the other divisions’ earnings remains unchanged,” Daimler said in a statement on Tuesday.

Adjusting for the new standards, group revenue in 2017 was 164.2 billion euros rather than a previously stated 164.3 billion euros. Group EBIT in 2017 is now 14.3 billion euros rather than 14.7 billion euros a previously stated.

Reporting by Edward Taylor; Editing by Arno Schuetze

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