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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