(Reuters) -Daimler Truck on Tuesday said it was booking an impairment in the second quarter on the value of its joint venture in China due to a “persistent weak market” there and added that its full-year guidance was “under review”.
The German company said the writedown at the venture, Beijing Foton Daimler Automotive, had a negative impact of 120 million euros in the quarter.
It said its quarterly results for Trucks North America and Daimler Buses beat expectations, while the businesses Mercedes-Benz and Financial Services failed to meet expectations.
“The full-year guidance is currently under review,” the company said.
A spokesperson declined to elaborate.
It reported the group’s second-quarter operating profit (EBIT) was 1.1 billion euros, missing the consensus of 1.25 billion euros.
It reports full results on Aug. 1.
($1 = 0.9184 euros)
(Reporting by Urvi Dugar in Bengaluru and Tom Sims in Frankfurt)