BMW Group: confirms 2018 outlook after weak quarter
(CercleFinance.com) - BMW Group has confirmed its outlook for 2018, despite seeing pre-tax profit fall by almost 50% over the third quarter.
The German premium car maker said pre-tax profit fell to 1 billion euros, from 1.9 billion euros in the same quarter of 2017, due to "challenging conditions" and with new emissions tests coming into effect.
Third-quarter revenues grew by 3.3% to 21.1 billion euros.
The Munich-based company confirmed its outlook for 2018.
While the group still expects a slight increase in deliveries to customers for the automotive segment in 2018, its pre-tax profit is expected to decline slightly from the previous year.
In its statement, BMW said it had always expected 2018 to be a "challenging" year, given investment in mobility and higher raw-materials prices.
The Frankfurt-based stock was down 1.2% at 76 euros after these results.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The German premium car maker said pre-tax profit fell to 1 billion euros, from 1.9 billion euros in the same quarter of 2017, due to "challenging conditions" and with new emissions tests coming into effect.
Third-quarter revenues grew by 3.3% to 21.1 billion euros.
The Munich-based company confirmed its outlook for 2018.
While the group still expects a slight increase in deliveries to customers for the automotive segment in 2018, its pre-tax profit is expected to decline slightly from the previous year.
In its statement, BMW said it had always expected 2018 to be a "challenging" year, given investment in mobility and higher raw-materials prices.
The Frankfurt-based stock was down 1.2% at 76 euros after these results.
Copyright (c) 2018 CercleFinance.com. All rights reserved.