BMW 3Q Profit Rose as Efficiency Measures Kick In
06 November 2019 - 8:22AM
Dow Jones News
By Max Bernhard
BMW AG (BMW.XE) on Wednesday reported a jump in third-quarter
earnings, and its finance chief said the car maker's efficiency
measures are bearing fruit.
Earnings before interest and taxes rose 33% to 2.29 billion
euros ($2.54 billion), while revenue rose 7.9% to EUR26.67 billion,
the German luxury car maker said.
"The efficiency-boosting measures we have implemented are
bearing fruit," said Chief Financial Officer Nicolas Peter. The
company is performing at a high level compared with its rivals and
considering challenging conditions in the auto sector, he
added.
Net profit rose to EUR1.52 billion from EUR1.36 billion a year
earlier.
In the automotive segment, BMW's closely watched EBIT margin
rose to 6.6% in the quarter from 4.4% a year ago.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
November 06, 2019 02:07 ET (07:07 GMT)
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