BMW First-Quarter Profits Fall, Revenue Lifts
May 06 2020 - 2:33AM
Dow Jones News
By Jessica Sier
BMW AG on Wednesday reported a fall in profits for the first
quarter and a small lift in revenue, and adjusted its guidance in
the face of the coronavirus spread.
The German car maker said group net profit was EUR574 million in
the quarter, down from EUR588 million a year earlier.
Earnings before interest and taxes in the quarter came in at
EUR1.38 billion, up from EUR589 million the year earlier which
included an EU antitrust provision, the company said.
Quarterly revenue for the group came in at EUR23.25 billion, up
from EUR22.46 billion the year earlier.
Automobile deliveries for customers fell almost 21% in the first
quarter to 477,111, the company said.
"Quite clearly, the situation remains serious and market
forecasts are subject to constraints under these circumstances,"
said Oliver Zipse, chairman of the Board of Management.
"We are gradually ramping up our production again according to
demand in each market. We are keeping a tight rein on inventory
levels because liquidity has absolute priority in this
situation."
Write to Jessica Sier at jessica.sier@wsj.com
(END) Dow Jones Newswires
May 06, 2020 02:18 ET (06:18 GMT)
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