May 7, 2019 / 5:50 AM / 17 days ago

BMW Q1 profit falls 78 pct hit by 1.4 bln eur legal provision, expenses

FRANKFURT, May 7 (Reuters) - BMW’s first quarter operating profit fell 78 percent to 589 million euros, despite higher deliveries of luxury vehicles, as the carmaker took a hit from higher investment spending and a 1.4 billion euros ($1.57 bln) legal provision.

BMW’s first-quarter earnings before interest and taxes were below the 666 million euros forecast in an analyst poll, weighed down by a 36 percent jump in spending on property, plants and equipment.

BMW said its automotive division delivered a loss. Excluding the impact of the legal provision to cover a potential anti-trust fine, BMW’s automotive division delivered an operating margin of 5.6 percent in the first quarter, the carmaker said on Tuesday.

$1 = 0.8921 euros Reporting by Edward Taylor Editing by Thomas Seythal

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below