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BMW Sales Soar but Profits Sag
BMW AG reports its third-quarter car sales grew 11% to a record 481,700 units, and net profit rose 3% to €1.3 billion.
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BMW AG reports its third-quarter car sales grew 11% to a record 481,700 units, and net profit rose 3% to €1.3 billion.
But group revenue was flat at €18.8 billion for the July-September period, and profits before interest and taxes fell 4% to €1.9 billion. The company's EBIT has lagged year-earlier levels all year.
BMW attributes its slumping third-quarter operating profit to competition, the cost of developing advanced technologies and the impact of a 5% expansion in its workforce.
The company's motorcycle revenue fell 10% to €324 million, and the unit's operating loss deepened to €4 million from a €3 million loss in the third quarter last year.
BMW affirms its full-year target for record unit sales and group profit before taxes unchanged from 2012.
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