BMW Backs 2021 View After Profit Rises in 1Q
May 07 2021 - 1:36AM
Dow Jones News
By Kim Richters
BMW AG on Friday reported a jump in first-quarter profit, and
said it plans to meet the higher end of its forecast for the
auto-business margin this year.
The German luxury car maker's quarterly net profit jumped to
2.81 billion euros ($3.39 billion) thanks to higher deliveries and
better pricing, compared with EUR554 million the same period a year
earlier. Revenue increased to EUR26.78 billion from EUR23.25
billion.
BMW confirmed previously released earnings before interest and
taxes in its automotive segment of EUR2.24 billion, up from EUR229
million, and the corresponding EBIT margin, which soared to 9.8%
from 1.3%.
For 2021, the auto maker said negative effects from the
coronavirus pandemic couldn't be ruled out and rising raw materials
prices could weigh on earnings.
However, BMW backed its outlook for the full year, expecting
profit before taxes for the group to be significantly higher than
in 2020 and auto deliveries to rise solidly. In the automotive
segment, it now aims to reach the upper end of the previously
announced EBIT margin forecast range of 6% to 8%.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
May 07, 2021 02:21 ET (06:21 GMT)
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