Mercedes sales boost Daimler profits

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Associated Press

Posted on October 24, 2013 at 4:07 AM

Updated Thursday, Oct 24 at 5:01 AM

FRANKFURT, Germany (AP) — German automaker Daimler AG says its net profit rose 53 percent in the third quarter, helped by stronger performance from its luxury brand, Mercedes-Benz.

Net income rose to 1.90 billion euros ($2.6 billion) from 1.24 billion euros in the same period a year ago. Revenue rose 5 percent to 30.1 billion euros.

The company on Thursday credited an expanded range of compact cars that helped boost sales. Mercedes sold 14 percent more cars in the period and raised its operating earnings by 23 percent to 1.20 billion euros.

CEO Dieter Zetsche said in a statement that "this shows the high investments we have made were money well spent."

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