Traton: Weak start – but that gives hope

VW's commercial vehicle holding company, Traton, presented its first-quarter figures on Monday. Despite the weak start, CEO Christian Levin confirmed the annual forecast, giving investors hope for a better second half of the year. The share price temporarily rose by over five percent at the stock market opening.

Since Traton had already released key quarterly figures in advance, there was no major surprise. Nevertheless, the group suffered a significant decline: Deliveries of the Scania, MAN, International, and Volkswagen Truck & Bus brands fell by ten percent to 73,090 vehicles. Sales revenue also fell by ten percent to €10.6 billion, and operating profit plummeted by a good 40 percent to €646 million. The operating margin deteriorated from 9.4 percent to 6.1 percent.

The VW subsidiary forecasts stable revenues for the full year, with a return of between 7.5 and 8.5 percent. Chief Financial Officer Michael Jackstein explained that despite the positive momentum in incoming orders in Europe, the group cannot yet speak of a fundamental upturn.

On the stock market, the share price reacted to the final figures with a jump: Shortly after the start of trading on Xetra, it temporarily rose by five percent. From a technical perspective, the first step is to overcome the 200-day moving average at €29.86. If the breakout is successful, the 50-day moving average at €32.19 will become the next resistance level. If this level is also exceeded, the high from early March at €38.46 would be the next important milestone. Rival Daimler Truck, meanwhile, is benefiting from the confirmed annual forecast – its share price is up by just over one percent.