BMW Backs 2021 Outlook After 3Q Profit Rose
03 November 2021 - 08:28AM
Dow Jones News
By Kim Richters
BMW AG on Wednesday backed its guidance for the full year after
reporting a jump in third-quarter profit driven by positive effects
from pricing and product mix.
The German luxury car maker's quarterly net profit rose to 2.56
billion euros ($2.96 billion) from EUR1.79 billion for the same
period a year earlier.
Earnings before interest and taxes rose to EUR2.88 billion from
EUR1.92 billion and revenue increased to EUR27.47 billion from
EUR26.28 billion, despite vehicle sales in the third quarter
falling amid the semiconductor shortage.
Its performance "was driven in particular by favourable product
mix factors and positive pricing effects for new vehicles as well
as stable selling prices of pre-owned vehicles," BMW said.
The auto maker backed its guidance for the full year, which
includes an EBIT margin for its automotive segment of between 9.5%
and 10.5% and profit before taxes for the group significantly
higher than in 2020.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
November 03, 2021 03:13 ET (07:13 GMT)
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