Munich, May 4, (dpa/GNA) - First-quarter group net profit at German upmarket carmaker BMW fell 64% to €3.66 billion ($4.05 billion) from last year’s €10.19 billion, the company reported Thursday.
However, BMW noted that last year’s result was substantially boosted by one-time effects from the full consolidation of BMW Brilliance Automotive (BBA). Group earnings before tax (EBT) totalled €5.13 billion, down from €12.23 billion a year ago, the company said.
The group EBT margin fell to 13.9% from 39.3% last year.
However, the automotive segment EBIT (earnings before income and taxes) margin improved to 12.1% from 8.9% a year ago, thanks to high demand.
First-quarter revenues increased 18.3% to €36.85 billion from €31.14 billion last year, mainly reflecting full integration of the operating business of BBA into the automotive segment, as well as robust pricing and a continued positive product mix.
In the first quarter, a total of 588,138 vehicles were sold, down 1.5%. Sales of BMW BEV models more than doubled to 55,979 deliveries.
Looking ahead for fiscal 2023, the company confirmed guidance, and expects group earnings before tax to decrease significantly.
BMW Group forecast EBIT margin in the automotive segment of between 8 and 10% for the full year. The company also plans for slight growth in deliveries to customers worldwide in 2023 bolstered by strong global demand for its premium vehicles.
BMW also said it will conclude the share repurchase programme with a value of up to €2.0 billion on the basis of the authorisation granted by the 2022 Annual General Meeting at the latest in mid-2023.
GNA