FRANKFURT, Germany (AP) — Automaker Daimler AG is reporting a big jump in net profit in the second quarter thanks to gains from selling its stake in aerospace firm EADS.
The company said Wednesday that net profit rose to €4.58 billion ($6.04 billion) from €1.56 billion in the same quarter a year before. Sales rose 3 percent to €29.7 billion.
The maker of luxury brand Mercedes saw a gain of €3.2 billion from disposing of its remaining stake in EADS, parent company of plane maker Airbus. Daimler made the move to concentrate better on its core auto business.
The flagship Mercedes-Benz Cars division, which also includes the Smart compact, saw operating earnings slip however due to a less profitable model mix and expenses for new technologies and vehicles.