BMW Confirms Guidance After Auto Margin Rises -- Update
03 Novembro 2023 - 8:05AM
Dow Jones News
By David Sachs
BMW backed its full-year targets after reporting an improved
earnings margin for its auto division and higher revenue driven by
car sales.
The German car maker said Friday that the automotive segment
reported a 9.1% rise in earnings before interest and taxes to 3.135
billion euros ($3.33 billion) on higher sales volumes and despite
pricier raw materials, BMW said. The EBIT margin for the automotive
segment was 9.8% compared with 8.9% a year ago.
For the group, EBIT rose to EUR4.35 billion from EUR3.68
billion, despite a EUR4 million hit from the motorcycles division
due to changes in the model launch calender, the company said.
Revenue rose to EUR38.46 billion from EUR37.18 billion. 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, but beat analyst estimates of EUR2.60
billion, according to FactSet. BMW said that interest-rate hedging
transactions resulted in a EUR289 million hit.
"The BMW Group is maintaining its course for profitable growth
in a volatile business environment," Chief Executive Officer Oliver
Zipse said.
The car maker backed its guidance, which includes an EBIT margin
between 9% and 10.5% for the automotive segment. It also expects
battery-electric vehicles to comprise 15% of sales this year.
"After a successful third quarter, we expect a positive business
development in the fourth quarter," Chief Financial Officer Walter
Mertl said. "All segments are on track to meet our goals for the
year."
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
November 03, 2023 06:50 ET (10:50 GMT)
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