BMW Confirms 2023 Outlook After 1Q Boost From Top-End and BEV Sales
May 04 2023 - 2:47AM
Dow Jones News
By David Sachs
BMW on Thursday confirmed its 2023 guidance as it reported
higher revenues and earnings in the first quarter on good price
position and sales of top-end and electric vehicles.
The German luxury car maker's quarterly earnings before interest
and taxes rose to 5.375 billion euros ($5.95 billion) from EUR3.39
billion in the first quarter of 2022. The company's automotive EBIT
margin rose to 12.1% from 8.9%.
Revenue climbed to EUR36.85 billion, an 18% gain.
The company's aftertax profit fell to EUR3.66 billion from
EUR10.185 billion in last year's first quarter, when the company
got a boost from the consolidation of its Chinese joint
venture.
BMW attributed the results to a good pricing position and strong
sales of top-end and battery-electric vehicles.
The company confirmed its 2023 guidance for an earnings before
interest and taxes margin for its automotive segment of between 8%
and 10%.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
May 04, 2023 02:32 ET (06:32 GMT)
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