BMW: confirms 2020 forecasts, as China stands out
(CercleFinance.com) - On Wednesday BMW confirmed its FY2020 forecast after reporting Q3 sales and net earnings that up, in part thanks to the strong performance of the Chinese automotive market.
Its quarterly pre-tax profit rose by 5% to 2.5 billion euros over the past quarter, despite an environment that is considered "difficult" and "intense" competition in terms of costs, BMW says.
The Bavarian group posted car sales that are up by nearly 9% at 675,592 units over the quarter, mainly due to the surge in sales in China, its largest global market, where the positive momentum of the second quarter continued.
However, for 2020 BMW says it expects car sales to be "significantly below" its global sales for FY2019.
In terms of profitability, BMW says it expects an operating margin between 0% and 3% for its car business as such. It amounted to 6.7% in the third quarter.
The BMW stock was down over 2% on Wednesday morning, underperforming Frankfurt's DAX (-0.3% at 10.30 am) and the STOXX Europe 600 Automobiles & Parts, the European Auto Stock Index (-1.2%).
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Its quarterly pre-tax profit rose by 5% to 2.5 billion euros over the past quarter, despite an environment that is considered "difficult" and "intense" competition in terms of costs, BMW says.
The Bavarian group posted car sales that are up by nearly 9% at 675,592 units over the quarter, mainly due to the surge in sales in China, its largest global market, where the positive momentum of the second quarter continued.
However, for 2020 BMW says it expects car sales to be "significantly below" its global sales for FY2019.
In terms of profitability, BMW says it expects an operating margin between 0% and 3% for its car business as such. It amounted to 6.7% in the third quarter.
The BMW stock was down over 2% on Wednesday morning, underperforming Frankfurt's DAX (-0.3% at 10.30 am) and the STOXX Europe 600 Automobiles & Parts, the European Auto Stock Index (-1.2%).
Copyright (c) 2020 CercleFinance.com. All rights reserved.