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BERLIN (Reuters) -Daimler Truck expects little impact on its business in 2022 from the COVID-19 pandemic and Russia’s invasion of Ukraine, the truck and bus maker said on Thursday, forecasting revenue growth of at least 14% and returns rising to 7%-9%.
The company, which split off from Mercedes-Benz AG, formerly Daimler AG, in December last year, said semiconductor shortages and other supply bottlenecks prevalent in the second half of 2021 would also weigh on earnings in the first half of this year.
But Russia’s invasion of Ukraine and the pandemic would not have a significant effect on its supply chains or market development, it said, differing from other automakers that have lowered outlooks and tempered guidance in response to the war.
Shares in the company rose 5% in early Frankfurt trade.
Daimler Truck froze its business activities in Russia on Feb. 28, including its cooperation with Russian truckmaker Kamaz, in which Mercedes-Benz AG holds a 15% stake.
Mercedes-Benz Group is also looking into legal options to divest its 15% stake in Kamaz as quickly as possible, the Handelsblatt newspaper reported.
A Mercedes spokesperson told Reuters business activities would have to be re-evaluated in light of current events.
Daimler Truck reported an adjusted return on sales of 6.1% in 2021, recovering from its losses in 2020 but at the lower end of its outlook in part because of high raw material prices and other supply constraints.
The recall of trucks in North America, where the truckmaker has a market share of more than a third, weighed on results in the fourth quarter, the company said.
Returns remained strongest in North America at 9.2%, with Trucks Asia at 7.2% and Europe lowest at 4.8%.
($1 = 0.9108 euros)
Reporting by Victoria WalderseeEditing by Miranda Murray, Emma Thomasson and Barbara Lewis
