BMW Confirms Guidance After Revenue Rose, After-Tax Profit Slipped
03 November 2023 - 8:23AM
Dow Jones News
By David Sachs
BMW confirmed its full-year guidance after revenue rose and
aftertax profit fell in the third quarter.
The German car maker said Friday that revenue rose to 38.46
billion euros ($40.85 billion) from EUR37.18 billion in the third
quarter of last year. Analysts had expected revenue to come in at
EUR37.42 billion, according to FactSet estimates.
The full integration of the joint venture, BMW Brilliance
Automotive, helped the bottom line, BMW said. Higher sales volumes
and positive product mix effects also contributed, though currency
effects dragged on the result.
After-tax profit dropped to EUR2.93 billion from EUR3.175
billion a year prior. Analysts had expected aftertax profit at
EUR2.60 billion, according to FactSet. BMW said that interest-rate
hedging transactions resulted in a EUR289 million hit.
Earnings before interest and taxes rose to EUR4.35 billion from
EUR3.68 billion. The EBIT margin for the automotive segment was
9.8% on the quarter compared with 8.9% a year ago.
The group's earnings before tax margin finished the quarter at
10.6%. It was 11% a year ago.
BMW backed its guidance, which includes an EBIT margin between
9% and 10.5%, and solid growth in deliveries in the automotive
segment.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
November 03, 2023 03:08 ET (07:08 GMT)
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