FRANKFURT, Germany (AP) — Automaker Daimler AG says net profit almost doubled in the first quarter, as new S-Class and E-Class models fueled sales growth and the company moved past troubles at its Chinese operations.
Net profit rose to 1.086 billion euros ($1.498 billion) from 564 million euros in last year's quarter.
Revenue increased 13 percent to 29.5 billion euros.
The company credited its efforts to update its model line and continue growth in unit sales in China and the United States. The new luxury S-Class doubled sales for the brand's flagship model, which brings fat profit margins. The company also reorganized its China sales operation, whose troubles weighed on earning last year when the company issued a profit warning.
The company said revenues and earnings would "significantly increase" this year over last year.