Daimler slashes its dividend following profit warning

Business

FILE PHOTO: The Daimler AG sign with raindrops is pictured before the company’s annual news conference in Stuttgart, Germany, February 4, 2016. REUTERS/Michaela Rehle/File Photo

STUTTGART, Germany (Reuters) – Daimler (DAIGn.DE) cut its dividend to 0.90 euros ($0.9818) a share after 2019 earnings more than halved, weighed down by restructuring and charges in what amounts to the third profit warning for new CEO Ola Kaellenius.

Daimler said its net profit fell to 2.7 billion euros, down from 7.6 billion euros in the year earlier, despite record deliveries of Mercedes cars that saw the brand retain its title as the world’s top-selling premium automaker.

The German carmaker on Tuesday cut its dividend proposal to 0.90 euros a share, down from 3.25 euros a share.

Reporting by Edward Taylor; Editing by Michelle Martin

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