More deliveries: BMW performs better than expected
In the third quarter, car manufacturer BMW achieved higher sales and profits in its day-to-day business than expected. Earnings before interest and taxes increased by 18.2 percent year-on-year to 4.35 billion euros, despite the higher proportion of not yet so lucrative electric cars, as the DAX-listed company announced in Munich. Experts had expected a slightly lower operating profit.
The much-noticed operating margin in the core car manufacturing business rose by almost one percentage point to 9.8 percent. Thanks to increased deliveries, the Bavarians increased turnover by 3.4 percent to 38.5 billion euros despite the headwind from the stronger euro. However, higher taxes and negative effects from interest rate hedges had a negative impact on the bottom line. The surplus fell by 7.7 percent to 2.93 billion euros.
The management headed by Oliver Zipse confirmed the forecast for the year. Rivals Volkswagen and Mercedes-Benz recently had to scale back their profit forecasts somewhat due to the weak industry situation and supply chain problems.
In the mentioned quarterly figures, BMW's car sales and profits significantly surpassed anticipated levels. Despite an increase in less profitable electric cars, BMW's EBIT saw a rise of 18.2%, reaching 4.35 billion euros.
Source: www.dpa.com
