Germany's Daimler posts euro213M 3Q profit

[October 23, 2008]  FRANKFURT, Germany (AP) -- German automaker Daimler AG has reported a third-quarter profit of euro213 million, a turnaround from the euro1.5 billion loss it had a year earlier. But the company is abandoning its 2008 earnings outlook.

The Stuttgart-based maker of Mercedes-Benz, Smart and Maybach cars, said that despite the turnaround, sales fell seven percent to euro23.8 billion in the third quarter because of an abrupt decline in sales in North America.

The car maker said Thursday that the banking crisis and global consumer uncertainty led to the decline in sales and said it would temporarily halt its share buyback program.

[Associated Press]

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