Bayerische Motoren Werke (XE:BMW)
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1 Year : From Apr 2019 to Apr 2020
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.
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(END) Dow Jones Newswires
August 01, 2019 02:01 ET (06:01 GMT)
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