BMW Group: shares relatively weak despite 'strong' quarter
(CercleFinance.com) - BMW Group has started 2018 with a "strong" first quarter, posting record sales volumes and net profit despite "volatile" conditions and unfavourable currency factors.
The German premium carmaker said that first-quarter vehicle deliveries of its BMW, Mini and Rolls-Royce brands rose by 3% to 604,629 units in the first three months of the year.
Due to adverse currency moves, revenues fell by 5.1% to 22.7 billion euros, the group said.
In the meantime, net profit inched up to 2.30 billion euros, compared with 2.27 billion euros in the first three months of 2017.
BMW - which says the auto industry is going through a phase of "unprecedented technological change" - also confirmed its full-year targets.
The company targets new record figures for its automotive segment for sales volume and revenues this year.
However, investors do not seem to be impressed: the Frankfurt-listed BMW share was down 2.2% after the figures were published.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The German premium carmaker said that first-quarter vehicle deliveries of its BMW, Mini and Rolls-Royce brands rose by 3% to 604,629 units in the first three months of the year.
Due to adverse currency moves, revenues fell by 5.1% to 22.7 billion euros, the group said.
In the meantime, net profit inched up to 2.30 billion euros, compared with 2.27 billion euros in the first three months of 2017.
BMW - which says the auto industry is going through a phase of "unprecedented technological change" - also confirmed its full-year targets.
The company targets new record figures for its automotive segment for sales volume and revenues this year.
However, investors do not seem to be impressed: the Frankfurt-listed BMW share was down 2.2% after the figures were published.
Copyright (c) 2018 CercleFinance.com. All rights reserved.