(RTTNews) – German automajor BMW Group (BMW.L, BAMXF.PK, BAMXY.PK) reported Thursday that its second-quarter net profit declined 8.6 percent to 2.71 billion euros from last year’s 2.96 billion euros.
Earnings per share were 4.15 euros, down 5.5 percent from 4.39 euros a year ago.
Group earnings before tax or EBT was 3.86 billion euros, down 8.6 percent from last year.
Revenues edged down 0.7 percent to 36.94 billion euros from last year’s 37.22 billion euros.
In total, the company delivered 618,743 vehicles in the second quarter across all BMW Group brands, down 1.3 percent from last year’s 626,726 vehicles.
Looking ahead for fiscal 2024, the company confirmed its outlook citing the sustained demand for its premium vehicles.
BMW continues to expect Group profit before tax to decrease slightly due to higher manufacturing and fixed costs. An EBIT margin of between 8 and 10 percent is forecast for the Automotive segment in 2024, compared to prior year’s 9.8 percent..
Deliveries of BMW, MINI and Rolls-Royce brand vehicles in the Automotive segment are expected to rise slightly year on year due to a slight increase in demand, full availability of new models and model launches.
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