BMW earnings lag some estimates, names new finance chief
BMW (BMWG.DE) reported a 12% rise in fourth-quarter earnings on Thursday that lagged some analysts’ expectations, sending shares in the German automaker as much as 3.7% lower.
Jefferies analysts said quarterly pretax profit missed expectations by 5%, and full-year earnings were also below consensus, despite jumping 50% – mostly due to the inclusion of the carmaker’s Chinese joint venture.
Deliveries rose just over 10% in the quarter as an easing of chip supply problems offset the impact of lockdowns in China, while group revenue climbed 28% to 142.6 billion euros ($150.7 billion), versus a Refinitiv SmartEstimate of 141.6 billion.
The company also said it was promoting Walter Mertl to chief financial officer to replace Nicolas Peter when he retires in May.
BMW, which is due to report full annual results on March 15, warned late last year that although it expected improved sales in the fourth quarter, rising inflation and interest rates would start to weigh on demand, particularly in Europe.
The carmaker has so far weathered supply chain troubles brought on by the pandemic and Russia’s invasion of Ukraine in part by raising prices.
This report’s information was first seen on REUTERS; to read more, click this link.
You must be logged in to post a comment.