BMW Q3 Results Improve, but Headwinds Still Persist; FVE Increased to EUR 152

Narrow-moat BMW reported third-quarter earnings per share of EUR 4.25, EUR 0.12 ahead of the EUR 4.13 FactSet consensus estimate and up EUR 0.36 from EUR 3.89 EPS reported last year. Despite a 1% dip in automotive volume from the Ukraine crisis, chip crunch, and China COVID-19 lockdowns, consolidated revenue also beat the consensus by 5% and jumped 35% to EUR 37.2 billion on a 42% increase in industrial revenue. Excluding the consolidation of BBA, we estimate automotive volume declined 7% and consolidated revenue increased 4% on continued strong pricing and mix.