By David Sachs

BMW on Thursday confirmed its 2023 guidance as it reported higher revenues and earnings in the first quarter on good price position and sales of top-end and electric vehicles.

The German luxury car maker's quarterly earnings before interest and taxes rose to 5.375 billion euros ($5.95 billion) from EUR3.39 billion in the first quarter of 2022. The company's automotive EBIT margin rose to 12.1% from 8.9%.

Revenue climbed to EUR36.85 billion, an 18% gain.

The company's aftertax profit fell to EUR3.66 billion from EUR10.185 billion in last year's first quarter, when the company got a boost from the consolidation of its Chinese joint venture.

BMW attributed the results to a good pricing position and strong sales of top-end and battery-electric vehicles.

The company confirmed its 2023 guidance for an earnings before interest and taxes margin for its automotive segment of between 8% and 10%.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

May 04, 2023 02:32 ET (06:32 GMT)

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