BMW Confirms 2023 Outlook After 1Q Boost From Top-End and BEV Sales

By David Sachs

BMW on Thursday confirmed its 2023 guidance as it reported higher revenues and earnings in the first quarter on good price position and sales of top-end and electric vehicles.

The German luxury car maker's quarterly earnings before interest and taxes rose to 5.375 billion euros ($5.95 billion) from EUR3.39 billion in the first quarter of 2022. The company's automotive EBIT margin rose to 12.1% from 8.9%.

Revenue climbed to EUR36.85 billion, an 18% gain.

The company's aftertax profit fell to EUR3.66 billion from EUR10.185 billion in last year's first quarter, when the company got a boost from the consolidation of its Chinese joint venture.

BMW attributed the results to a good pricing position and strong sales of top-end and battery-electric vehicles.

The company confirmed its 2023 guidance for an earnings before interest and taxes margin for its automotive segment of between 8% and 10%.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

May 04, 2023 02:32 ET (06:32 GMT)

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