BMW Backs Auto Margin Target for 2022 After 3Q Earnings Rose
03 November 2022 - 06:32PM
Dow Jones News
By Kim Richters
BMW AG on Thursday confirmed the full-year margin target for its
auto business and said earnings came in higher in the third
quarter, helped in part by car pricing.
The German luxury car maker said quarterly aftertax profit rose
to 3.18 billion euros ($3.12 billion) from EUR2.58 billion the same
period a year earlier.
Group earnings before interest and taxes increased to EUR3.68
billion from EUR2.88 billion the year prior and the EBIT margin at
its automotive segment rose to 8.9% from 7.8%. Quarterly revenue
rose 35% to EUR37.18 billion.
Results benefited from solid pricing, a favorable product mix
and revenues from consolidated Chinese joint venture BMW Brilliance
Automotive Ltd., the company said.
For 2022, BMW backed the EBIT margin target for its automotive
segment of between 7% and 9%. It expects deliveries to come in
slightly below the previous year.
"Overall, we expect the positive momentum for our company to
continue in 2023," BMW's finance chief Nicolas Peter said.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
November 03, 2022 03:17 ET (07:17 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Bayerische Motoren Werke (TG:BMW)
Historical Stock Chart
From Mar 2024 to Mar 2024
Bayerische Motoren Werke (TG:BMW)
Historical Stock Chart
From Mar 2023 to Mar 2024