BMW 3Q Net Profit Rose; Backs 2020 Guidance

   By Kim Richters 
 

BMW AG on Wednesday reported a rise in third-quarter net profit and confirmed its full-year targets.

The German luxury car maker's quarterly net profit increased to 1.79 billion euros ($2.10 billion) compared with EUR1.52 billion a year earlier.

Earnings before interest and taxes fell 16% to EUR1.92 billion.

In the automotive segment, BMW's EBIT margin increased to 6.7% in the quarter from 6.6% a year ago.

Revenue for the group dropped to EUR26.28 billion from EUR26.67 billion.

Business in the quarter ended Sept. 30 recovered noticeably from effects related to the coronavirus pandemic, BMW said, helped by factors such as regional demand upturns, an "attractive model portfolio" and cost efficiency. It added, however, that "a high level of uncertainty remains" amid the pandemic.

BMW confirmed its outlook for the full year 2020, which includes profit before tax significantly below the 2019 level and an auto segment EBIT margin of between 0% and 3%.

Write to Kim Richters at [e-mail]

(END) Dow Jones Newswires

November 04, 2020 02:20 ET (07:20 GMT)

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