BMW Q1 Margins Impress Despite Headwinds; 2022 Guidance Maintained; EUR 146 FVE Unchanged

Narrow-moat BMW reported first-quarter earnings per share before special items (EPS) of EUR 5.51, well ahead of the EUR 4.40 FactSet consensus EPS estimate by EUR 1.11 and up EUR 1.25 from EUR 4.26 EPS reported last year. The quarter included the consolidation of the BMW Brilliance Auto with the company’s increased stake to 75% from 50% as of Feb. 10, 2022. Despite a 6% drop in automotive volume from the Ukraine crisis, chip crunch, and China COVID-19 lockdowns, consolidated revenue increased 16% to EUR 31.1 billion on a 17% increase in industrial revenue. The company did not provide an organic revenue figure to exclude currency or BBA. The top-line result was 0.4% shy of the FactSet consensus.