* Q1 EBIT jumps 87 percent to 4.01 billion euros
* Boosted by 16 pct rise in sales of Mercedes-Benz cars
* Results also reflect one-off gains of 690 million euros
* Shares rise as much as 3 percent
(Adds Q1 sales of BMW and VW brands, analyst comment, shares)
By Edward Taylor
FRANKFURT, April 12 Daimler AG shares
rose more than 3 percent in early trade on Wednesday after the
Mercedes maker reported higher than expected first-quarter
earnings, boosted by one-off gains and a rise in sales of luxury
In an unscheduled release of headline figures before full
results due on April 26, Daimler late on Tuesday said group
earnings before interest and tax (EBIT) jumped 87 percent to
4.01 billion euros ($4.25 billion), thanks partly to 690 million
euros in one-off gains.
Daimler's results were lifted by revaluing a stake in
mapping company HERE, as well as by the sale of some real estate
and the reversal of an impairment charge on its stake in Chinese
Daimler shares pared gains to trade 1.4 percent higher at
67.54 euros by 0801 GMT, still topping the German blue-chip DAX
which was up 0.6 percent.
"Solid earnings give some relief to auto investors who have
been increasingly downcast in recent weeks," wrote analyst Arndt
Ellinghorst of Evercore ISI.
DZ Bank analyst Michael Punzet said the "strong start into
2017 underpins our positive view on Daimler".
EBIT at the Mercedes-Benz Cars unit rose 60 percent to 2.23
billion euros, delivering a return on sales of 9.8 percent after
the division reported a 15 percent rise in first-quarter sales.
In March alone, sales of the Mercedes-Benz E-Class surged by
The Stuttgart-based carmaker's earnings surge came as rival
BMW said sales of its luxury branded vehicles had
risen 5.2 percent to a new record, while Volkswagen
said first-quarter passenger car registrations were down 1.3
In late March, Daimler had said it expected record sales
volumes for its Mercedes-Benz Cars division in the first
(Editing by Georgina Prodhan and David Holmes)