BMW announced quarterly earnings growth as it consolidated the Chinese consortium and confirmed its targets for the year. The German luxury car company announced after tax profits of 10.19 billion euros from 2.83 billion euros a year ago. Revenue rose 16% to 31.14 billion euros.
As previously announced, the company’s results include positive effects from the full integration of the Chinese consortium with BMW Brilliance Automotive. The company also benefited from positive pricing and product mixing and was able to expand its after sales business.
BMW’s earnings before interest and taxes for the quarter rose 5.9% to 2.37 billion euros and the EBIT margin stood at 8.9%. BMW also maintained its 2022 estimates, which include the EBIT margin for the automotive sector, at 7% -9%. The company also expects energy prices to remain high, given the tense situation in commodity markets.
It also estimates that the shortage of semiconductors could decline from the second half of the year at the earliest.
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