BMW Posts 2Q Loss; Backs 2020 View
August 05 2020 - 2:39AM
Dow Jones News
By Kim Richters
BMW AG on Wednesday said it swung to a loss in the second
quarter during the coronavirus pandemic, and it confirmed its
guidance for the year.
The German luxury car maker posted a quarterly net loss of 230
million euros ($271.5 million) compared with a profit of EUR1.45
billion the same period a year earlier.
It swung to a loss before interest and taxes of EUR666 million
compared with an earnings before interest and taxes of EUR2.20
billion the year prior.
In the automotive segment, BMW's EBIT margin fell to negative
10.4% in the quarter from positive 6.5% a year ago.
Revenue for the quarter dropped to EUR19.97 billion from
EUR25.72 billion, BMW said.
The company backed its guidance for 2020, which includes an auto
segment EBIT margin of between 0% and 3%. Group profit before tax
is expected to be "significantly lower than in 2019."
BMW Chief Executive Oliver Zipse said the company was
"cautiously optimistic for the second half of the year."
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
August 05, 2020 02:24 ET (06:24 GMT)
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