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Bayerische Motoren Werke AG ADR BMWYY

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BMW Strong Q1 Result Has Management Confident in Higher End of 2021 Guidance; FVE Raised to EUR 131

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

Narrow-moat BMW reported first-quarter earnings per share of EUR 4.26, roughly in line with the EUR 4.24 FactSet consensus estimate and up EUR 3.42 from EPS of EUR 0.84 reported last year as volumes across all regions were significantly higher but, especially in China where COVID-19 had the most impact a year ago. Consolidated first-quarter revenue climbed 15.2% to EUR 26.8 billion on a 26.8% jump in industrial revenue, partially offset by a 30.6% decline in financial services. Even so, consolidated profit before tax nearly quadrupled to EUR 3.8 billion from EUR 798 million last year on solid China joint venture performance and strong profitability in all segments.

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Company Profile

Business Description

In addition to being one of the world's leading premium light-vehicle manufacturers, BMW Group produces BMW motorcycles and provides financial services. Premium light-vehicle brands include BMW, Mini, and ultraluxury brand Rolls-Royce. Operations include 31 production facilities in 15 countries, with a sales network reaching over 140 countries. In 2020, worldwide sales volume exceeded 2.3 million automobiles and more than 179,000 motorcycles.

Contact
Petuelring 130
Munich, BY, 80788, Germany
T +?49 893820
Sector Consumer Cyclical
Industry Auto Manufacturers
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type —
Employees 120,726

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