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Sales Up, Profits Down at BMW
BMW AG's car sales in the third quarter of 2014 grew 6% to 509,700 units, and group revenue rose 5% to €19.6 billion.
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BMW AG's car sales in the third quarter of 2014 grew 6% to 509,700 units, and group revenue rose 5% to €19.6 billion.
Earnings before interest and taxes jumped 17% to €2.3 billion. The company's profit margin in July-September climbed to 9.4% from 9.0% a year earlier.
But net profit slipped 1% to €1.3 billion for the period. BMW says results were dragged down by higher taxes, more employees, greater selling and administrative costs, a non-cash charge for losses on foreign currency hedges and the reduced value of its stake in carbon-fiber maker SGL Carbon.
BMW affirmed its expectation of a "significant" gain in group EBIT, including 8%-10% for the automotive group.
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