BMW Backs Outlook Despite Lower 2Q Earnings
August 01 2019 - 2:16AM
Dow Jones News
By Max Bernhard
BMW AG (BMW.XE) said Thursday that second-quarter aftertax
profit fell by nearly a third, but it backed its guidance for the
year.
Aftertax profit for the period was 1.48 billion euros ($1.65
billion), down 29% from EUR2.08 billion a year earlier. Earnings
before interest and taxes fell 20% to EUR2.20 billion, despite a
2.9% increase in revenue to EUR25.72 billion, the German car maker
said.
Earnings were hit by high upfront costs to develop future
technologies, it said.
In the automotive segment, BMW's closely watched EBIT margin
fell to 6.5% in the quarter, from 8.6% a year earlier. Some of the
prior-year figures were adjusted according to a new accounting
standard, the company said.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
August 01, 2019 02:01 ET (06:01 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Bayerische Motoren Werke (TG:BMW)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bayerische Motoren Werke (TG:BMW)
Historical Stock Chart
From Apr 2023 to Apr 2024
