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Daimler Truck hits new record high after 'strong' guidance, higher dividend

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Removes reference to share buyback program in paragraphs 1 and 5, as it had been announced previously. Updates shares

** Shares in Daimler Truck DTGGe.DE jump around 17%, hitting new record high,after the German truckmaker gave a better-than-expected earnings guidance for 2024 and announced higher dividend

** The German group sees its revenue to be between 55-57 billion euros ($59.5-$61.6 billion) in 2024 and it expects adjusted EBIT on prior year level, when it reached 5.4 billion

** Analysts expect 2024 adjusted EBIT at 4.6 billion euros, according to LSEG data

** "Very strong guidance for 2024," J.P.Morgan says, adding that Daimler Truck reported another solid year with an industrial margin close to 10%, despite higher inflation costs

** Company also proposed a dividend of 1.90 euros for 2023, up from 1.30 euros a year earlier

** The stock tops the Germany's blue-chip .GDAXI index and is among best performers of pan European STOXX 600 index .STOXX

** By 1253 GMT the stock is up 17.6%, hitting a new all-time high of 44.39 euros; if gains hold it will see its best day ever

($1 = 0.9247 euros)

Reporting by Ozan Ergenay


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