BMW Q1 Pre-tax Profit, Revenues Up, Above Market View; Backs FY17 View

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( - German auto giant BMW Group (BMW.L, BAMXF.PK, BAMXY.PK) reported Thursday higher profit in its first quarter with increased revenues, but automotive margin declined.

The company said its profit before tax and revenues were above current market expectations in first quarter of 2017.

In the first quarter, BMW Group achieved a profit before tax of 3.01 billion euros, 27 percent higher than last year's 2.37 billion euros. The results were driven in particular by positive valuation effects.

The results also reflected a higher profit contribution from the Chinese joint venture BMW Brilliance Automotive Ltd.

In the Automotive segment, the EBIT margin was 9%, lower than 9.4% last year.

Group revenues totaled 23.45 billion euros, an increase of 12.4% from last year's figure of 20.85 billion euros.

The full results of the first quarter of 2017 will be published on May 4.

BMW said it continues to target a slight increase in Group profit before tax and an EBIT margin in the automotive segment within the range of 8 to 10% for the financial year 2017.

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This article appears in: Fundamental Analysis , World Markets , Stocks , Earnings
Referenced Symbols: BMW

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