Daimler Truck climbed more than 12% on the Frankfurt Stock Exchange on Friday, after reporting quarterly results well in excess of expectations and an outlook that exceeded market forecasts.

Fourth-quarter adjusted earnings before interest and taxes (Ebit) climbed by 52% to €1.56 billion, ahead of the €1.41 billion expected by analysts.

For the full year 2023, adjusted Ebit rose by 39% to a 'record' €5.49 billion, with an industry operating margin of 9.9%.

In view of the current difficult economic environment and the normalization of the truck market, Daimler Truck said it was aiming for the same level of adjusted Ebitda in 2024 as in the previous year.

As regards the adjusted operating margin for its industrial business, Daimler said it was anticipating a range of between 9% and 10.5%, again above the market consensus of 8.8%.

The dividend for the 2023 financial year will also rise to 1.90 euros per share, compared with 1.30 euros in 2022.

At around 9:30 a.m., the truck manufacturer's shares were up 12.1%, posting the best performance of the German DAX index and one of the strongest gains of the pan-European STOXX 600 index.

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