BMW Earnings: Currency Dents Revenue Growth While Volume Rises on Electric Vehicle Demand

Narrow-moat BMW reported third-quarter earnings per share of EUR 4.20, beating the EUR 4.14 FactSet consensus EPS estimate by EUR 0.06 but down EUR 0.05 from the EUR 4.25 reported last year as the prior period benefited from accounting for the consolidation of Brilliance. Automotive volume increased 6% as supply chain disruption lessened, with all regions except China reporting gains and EVs soaring 93% year over year. Despite higher sales volume, automotive revenue declined 1%, as favorable pricing and mix were offset by negative currency, especially the RMB and USD. Organic automotive revenue growth was 7%. Consolidated revenue increased 3% to EUR 38.5 billion from EUR 37.2 billion on a 41% jump in financial services as reduced eliminations resulted from higher interest rates. Group revenue beat the FactSet consensus by about 3%.