BMW 1Q Profit Soared on Joint-Venture Consolidation; Backs 2022 View
05 May 2022 - 04:33PM
Dow Jones News
By Kim Richters
BMW AG said Thursday that profit for the first three months of
the year jumped as it consolidated its Chinese joint venture, and
confirmed its targets for the full year.
The German luxury car maker's quarterly after-tax profit rose to
10.19 billion euros ($10.82 billion) from EUR2.83 million the same
period a year earlier. Quarterly revenue rose 16% to EUR31.14
billion.
As previously announced, the company's results include positive
effects from the full consolidation of its Chinese joint venture
BMW Brilliance Automotive Ltd.
"The company also benefited from positive pricing and product
mix effects and was able to expand its aftersales business," it
said.
At BMW's automotive segment, quarterly earnings before interest
and taxes rose 5.9% to EUR2.37 billion and the EBIT margin stood at
8.9%.
BMW backed its guidance for 2022, which includes an EBIT margin
for its automotive segment between 7% and 9%.
It said it expects energy prices to remain high, and a tense
situation on commodities markets. "The war in Ukraine and rising
inflation rates are likely to exacerbate these developments," it
said.
The semiconductors supply shortage could ease from the second
half of the year at the earliest, it said.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
May 05, 2022 02:18 ET (06:18 GMT)
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