BMW's first-quarter operating profit fell 78 percent to 589 million euros, ...
FRANKFURT - BMW’s first-quarter operating profit fell 78 percent to 589 million euros, despite higher deliveries of luxury vehicles, as the carmaker felt the effects of higher investment spending and a 1.4 billion euro legal provision.
BMW’s first-quarter earnings before interest and taxes were below the 666 million euros forecast in an analyst poll. A contribution of 648 million euros from financial services only partially offset a 310 million euros loss before interest and taxes at the automotive division. Due to the antitrust proceedings, it expects a margin in the automotive segment of between 4.5 percent and 6.5 percent, the carmaker said.
BMW said spending on property plants and equipment jumped 36 percent to 999 million euros in the first quarter as BMW prepares its factories to launch new vehicles like the 3-series and to build next generation electric and hybrid cars. Excluding the impact of the legal provision, BMW’s automotive division delivered an operating margin of 5.6 percent in the first quarter. It would have been around 1 percentage point higher if profits from BMW’s China operations were counted.
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