Daimler’s first quarter profit nearly doubles

Daimler said Friday that it nearly doubled its profit in the first quarter as sales in China continued to show big gains and the market for heavy trucks recovered.

The maker of Mercedes cars and Freightliner trucks, based in Stuttgart, said that net profit rose to $1.75 billion USD, compared to $908 million in the first quarter of 2010. Sales rose 17 percent to $36.6 billion.

The figures were in line with expectations, but shares in the company fell 2 percent as investors registered disappointment that the company seemed to simply be benefiting from an improved global economy.

“I wouldn’t say there is anything particular about their products or way of doing business that is the main reason for the improvement,” said Sascha Heiden, an auto analyst at IHS Global Insight in Frankfurt. “It’s the natural mechanism of volumes bouncing back and purchasing power bouncing back.”

The first quarter result “confirms our positive outlook