Supply chain disruptions have led to a production backlog at Daimler Trucks, the world’s largest truck maker.

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shares Daimler Trucks Shares hit a record high on Friday, surging more than 13.5% in early trading after reporting record full-year profits and announcing a 2 billion euro ($2.16 billion) share buyback program.

german truck manufacturer release Pre-tax profit in 2023 was 5.5 billion euros, better than expected and an increase of 39% from the previous year’s 4.4 billion euros. Analysts had expected EBIT (earnings before income taxes) of $5.2 billion.

The company also said it would implement a buyback program over the next 24 months and proposed a dividend of 1.9 euros per share in 2023, up from 1.3 euros a year ago.

The stock was down slightly, up 12.4%, as of 10:15 a.m. London time.

Daimler Chairman Martin Daum described 2023 as a record year for the company in a statement but warned that revenue and earnings could be flat in 2024 due to the “difficult economic situation.”

Several automakers, including Mercedes and General Motors, have announced stock buybacks and dividend increases in recent months to return cash to investors.

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