© Reuters. FILE PHOTO: The Mercedes-Benz logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany, September 10, 2019. REUTERS/Ralph Orlowski
STUTTGART (Reuters) – Mercedes-Benz Group earnings rose by over a quarter in 2022 to 20.5 billion euros ($21.80 billion) on a rise in revenue of 12%, the premium carmaker said on Friday, beating analysts’ estimates.
Mercedes-Benz Cars’ adjusted return on sales was 14.6%, in line with the company’s own forecast of 13-15%.
Still, the carmaker forecast a lower adjusted return on sales for the cars division in 2023 of 12-14% and group earnings slightly below 2022, even with Mercedes-Benz Cars unit sales expected at the same level.
This was due to the uncertain economic outlook in Europe and a slow bounceback from coronavirus restrictions in China, its statement said, adding demand in the United States was strong.
Top-end vehicle sales, which saw particularly strong growth in 2022 and helped the carmaker overcome rising costs, are expected to rise slightly this year.
The company, which committed on Thursday to buy back up to 4 billion euros in shares by 2025, reported an adjusted free cash flow in its industrial business of 9.29 billion euros, down 8% from last year.
($1 = 0.9402 euros)
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