DaimlerChrysler reported an 11 percent slump in operating profit in 2000, citing heavy losses by its U.S. arm Chrysler.
While markets were surprised by the German-American automaker's preview of its annual data ahead of an official announcement set for later this month, the figures were in line with analysts' expectations, given Chrysler's woes in recent months. No quarterly figures were released today.
DaimlerChrysler said net earnings rose 37 percent last year compared to 1999, but its operating profit of $9.1 billion was down 11 percent. After taxes and interest, the net profit came out to $7.3 billion off of $151 billion in sales, an 8 percent increase.
With one-time gains factored out, 2000 operating profit plummeted 49 percent to $4.8 billion, and net profit 44 percent to $3.25 billion, the company said. Those gains last year included the sale of a majority stake in the company's services arm, debis Systemhaus, to German telecommunications giant Deutsche Telekom.
Meanwhile, nearly 5,000 salaried employees in DaimlerChrysler AG's Chrysler division received retirement offers Tuesday -- the first slice toward the automaker's goal to cut 26,000 jobs from it's North American arm over the next three years.