Mercedes-Benz shares slip as Q3 earnings miss mark
** Shares in Mercedes-Benz slip 2.3% in early Frankfurt trade, after the German automaker reported Q3 results with adjusted earnings in its car division dropping 64% yoy, falling below analysts' expectations
** Q3 EBIT in the car unit dropped to 1.2 billion euros ($1.30 billion)versus LSEG's mean estimate of a 3.6% drop to 3.19 billion euros
** The company blames weaker demand in China, as CEO Ola Kaellenius sees Chinese consumers less willing to buy luxury goods in a weakening economy
** The co also said it sees annual car sales slightly below the previous year, and Q4 sales in line with Q3
** A local trader says the results are a "mixed picture at best," pointing to a bright spot in FCF in the company's industrial business, which beat expectations at EUR 2.39 billion
** The trader says guidance for Q4 is also disappointing, with sales expected in the vicinity of Q3
** The shares were seen at the bottom of the German Blue Chip index .GDAXI
($1 = 0.9244 euros)
Reporting by Bernadette Hogg
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