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BMW lifts pretax profit guidance after Q3 earnings drop
November 7, 2017 / 6:53 AM / a month ago

BMW lifts pretax profit guidance after Q3 earnings drop

BERLIN, Nov 7 (Reuters) - BMW has slightly lifted its outlook for pretax profit this year even as third-quarter earnings fell on upfront costs for new technologies and models, counting on sales of luxury cars to hit a new record.

The world’s second-largest luxury automaker by deliveries said on Tuesday it now expects pretax profit to post a solid rise on 2016 levels, equivalent to a 5-to-10 percent increase, after previously guiding for a slight gain in earnings.

Quarterly pretax profit (EBT) fell 5.9 percent to 2.42 billion euros ($2.81 billion), near the 2.41-billion-euro low-end forecast in a Reuters poll of banks and brokerages.

BMW said it expects revenue in core automotive operations to increase slightly this year, meaning a 1-to-5 percent gain, having previously projected a solid rise.

$1 = 0.8618 euros Reporting by Andreas Cremer; Editing by Maria Sheahan

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