August 2, 2018 / 5:50 AM / 4 months ago

BMW's Q2 profit falls less than expected

FRANKFURT, Aug 2 (Reuters) - German carmaker BMW reported a smaller than expected 6 percent decline in second-quarter operating profit on Thursday, even as higher spending to develop electric and autonomous cars weighed on earnings.

BMW’s earnings before interest and taxes (EBIT) fell to 2.74 billion euros ($3.19 billion), slightly above the 2.69 billion euros forecast in a Reuters poll of banks and brokerages.

As a result the company’s automotive EBIT margin narrowed to 8.6 percent, from 10.1 percent in the year-earlier period.

BMW affirmed its 2018 targets to achieve slightly higher deliveries and revenues in the automotive segment and achieve a group profit before taxes at the previous year’s level.

$1 = 0.8586 euros Reporting by Edward Taylor Editing by Maria Sheahan

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