Analyst Note
| Richard Hilgert |Narrow-moat BMW reported third-quarter earnings per share of EUR 2.71, well ahead of the EUR 2.27 CapIQ consensus EPS estimate by EUR 0.44 and up EUR 0.40 from EPS of EUR 2.31 reported last year. Consolidated third-quarter revenue declined 1% to EUR 26.3 billion on a 19% lift in financial services revenue to EUR 3.7 billion but rebounded 32% sequentially from the COIVD-19 hit second quarter. Even so, profit before tax increased 10% to EUR 2.6 billion on solid China joint venture performance.