DaimlerChrysler Delays Second-Quarter Results

DaimlerChrysler said it will delay the release of its full second-quarter financial report until August as it works to complete the sale of a majority stake in its Chrysler division to Cerberus Capital Management.


The German-American automaker said work to transfer a majority interest in Chrysler was ongoing and the sale's closing would result "in substantial changes" to its financial reporting for the April-June period.

As a result, it said in a brief statement, the final earnings report will be released on Aug. 29, instead of later this month as planned.

The company will issue a partial report July 25 on second-quarter revenue, unit sales and pretax earnings for its Mercedes Car Group, its truck group and some other businesses.

DaimlerChrysler agreed in May to sell 80.1% of its money-losing U.S. unit Chrysler to the private equity firm Cerberus, paving the way for a streamlined Daimler to concentrate on its luxury Mercedes brand and its truck business.

"Chrysler Automotive and Chrysler Financial will be shown in the (second-quarter) financial statements as 'discontinued operations,'" the company said. "For this reason, it will not be possible to publish the full interim report as planned on July 26."

The company also said it would not be able to report its financial services figures separately for Chrysler and Daimler because accounting work to separate the business that will go to Chrysler will not be complete by July 26.