BMW 2020 Earnings, Revenue Fell
March 11 2021 - 6:30AM
Dow Jones News
By Kim Richters
BMW AG on Thursday reported a drop in earnings and revenue for
2020 amid the coronavirus pandemic and proposed a lower
dividend.
The German luxury car maker's full-year aftertax profit fell to
3.86 billion euros ($4.60 billion) from EUR5.02 billion a year
earlier.
Earnings before interest and taxes declined to EUR4.83 billion
from EUR7.41 billion.
Revenue for year dropped 5% to EUR98.99 billion from EUR104.21
billion, BMW said.
The company proposed a dividend of EUR1.90 per common share,
lower than the 2019 dividend of EUR2.50 per share of common
stock.
BMW said it had a strong second half of 2020.
"We have improved the situation on the cost side by cutting
fixed costs and lowering capital expenditure, putting us in a
favourable starting position to make 2021 a more profitable year,"
Chief Financial Officer Nicolas Peter said.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
March 11, 2021 06:15 ET (11:15 GMT)
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