The maker of Mercedes-Benz luxury vehicles, Germany's Daimler, reported strong first-quarter earnings because of an upsurge in sales at its flagship brand.
Earnings before interest and taxes rose 4.9 to $ 2.8 billion, Bloomberg News reports.
Things continue to look strong for Mercedes. It's trying to recapture its crown as the world's largest maker of luxury cars, displacing rival BMW. Bloomberg notes that it plans 10 completely new models by 2015 to rejuvenate the brand, including converting the A-Class compact into a sportier car.
CEO Dieter Zetsche reiterated full-year goals of increasing sales and matching last year's operating profit. The CEO, who also leads the Mercedes-Benz Cars luxury-vehicle division, has repeatedly called 2012 a year of transition for reaching profitability targets set for 2013.
"Daimler has prepared the market for a weak start into the year," and it needs improved profitability for the remainder of the year to reach targets, Arndt Ellinghorst, a London-based Credit Suisse analyst, said in a research report obtained by Bloomberg.
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