FRANKFURT, Germany (AP) -- German automaker Daimler AG says net profit rose 53 percent in the third quarter, helped by stronger performance from its luxury brand, Mercedes-Benz.
Net income rose to 1.90 billion euros ($2.6 billion) from 1.24 billion euros in the same period a year ago. Revenue rose 5 percent to 30.1 billion euros.
The company on Thursday credited an expanded range of compact cars that helped boost sales. Mercedes sold 8 percent more cars in the period and raised its operating earnings by 23 percent to 1.20 billion euros.
CEO Dieter Zetsche said in a statement that "this shows the high investments we have made were money well spent."