Site icon California decor ideas | Create comfort together

BMW hits earnings target helped by pricing, China consolidation

BERLIN, Bloomberg — BMW’s core carmaking business hit its 2022 earnings target, the company said in a statement on Thursday, helped by strong pricing and consolidation of its China joint venture.

Group revenue rose 28 percent to 142.6 billion euros ($150.66 billion) versus a Refinitiv SmartEstimate of 141.6 billion.

Its autos business reported an 8.6 percent margin on earnings before interest and taxes (EBIT) of 10.6 billion euros and cash flow of 11.1 billion euros.

Almost half of the latter came from a cash contribution from Chinese joint venture BMW Brilliance Automotive (BBA).

It proposed a dividend to shareholders of 8.50 euros, up from 5.80 a year earlier.

BMW said last February it would pay 3.7 billion euros to take majority control of BBA after securing the necessary license from Beijing, increasing its stake to 75 percent from 50 percent.

The company said over the year it had faced higher costs of sale, including materials, commodities, logistics and refinancing.

Exit mobile version