GERMANY: BMW books record quarterly results
- Best third quarter in group history, BMW said
- Revenue up 3.8% to EUR16.5bn
- EBIT up 44% to EUR1,716m
- Pre-tax up 21% to EUR1,644m
- Group net up 23.8% to EUR1,082m
- Automotive segment EBIT margin improved to 11.9%
- Record nine-month sales volume, revenues and earnings
- Reithofer confirms full year targets
BMW group third quarter 2011 revenues rose 3.8% to EUR16,547m. 'Profit before financial result' (EBIT) climbed a healthy 44% to EUR1,716m and pre-tax profit (EBT) was up 21.0% to EUR1,644m. Group net profit rose 23.8% to EUR1,082m. Vehicle sales increased 9.0% to a record 399,218 units.
The automaker, which is about to launch the redesigned 3-series, its core model line, said record sales volume, revenues and earnings were also achieved for the nine months to 30 September.
Revenues were 15.4% higher at EUR50,472m, EBIT soared 92.8% to EUR6,474m and pre-tax profit almost doubled (94.6%) to EUR6,160m. Net profit doubled to EUR4,103m as vehicle deliveries increased 16% to 1,232,584 units.
Third quarter automotive segment revenues rose 8.0% to EUR15,344m, EBIT climbed 57.9% to EUR1,819m, yielding an EBIT margin of 11.9%. The segment profit before tax improved 35.8% to to EUR1,745m.
Nine-month segment revenues increased 20.3% to EUR46,391m, EBIT rose to EUR5,935m from EUR2,760m in 2010, an EBIT margin of 12.8%. Segment profit before tax improved to EUR5,647m from EUR2,443m at the same point in 2010.
“The main reasons for this excellent performance have been strong demand worldwide for our vehicles and considerable efficiency improvements”, BMW chairman Norbert Reithofer said.
BMW brand third quarter sales increased 8.2% to 332,066 units. Between January and September, sales of the core brand rose 14.5% to 1,021,927 units; the first time the BMW brand has exceeded the million mark in the first nine months.