Despite delivery problems and the Ukraine war, the truck manufacturer Daimler Truck managed to do a surprising amount of business in the first quarter and has raised its expectations for the year.

As the company from Leinfelden-Echterdingen said on Tuesday, the Dax group’s sales increased by 17 percent to 10.55 billion euros. That was significantly more than analysts had previously given the company credit for.

The management around boss Martin Daum now expects sales of 48 to 50 billion euros for the year as a whole, instead of 45.5 to 47.5 billion. This is mainly due to better sales prices and exchange rate effects. Daimler Truck now expects consolidated earnings before interest and taxes to be at the previous year’s level instead of slightly below.

In the first quarter, earnings before interest, taxes and adjusted for special effects increased by 11 percent to 651 million euros. In the months from January to March, the bottom line profit of 257 million euros was significantly lower than a year ago with 1.43 billion euros. At that time, the company had credited itself with a high special income. For the withdrawal from the Russian business, costs of 170 million euros were incurred this year. The remaining expenses up to the previously announced 200 million euros will be booked later.