Munich – Record figures for BMW in the first quarter.
The automaker has made a surprisingly high profit. According to preliminary figures, before taxes there was a profit of 3.76 billion euros, almost five times as much as at the beginning of the corona pandemic a year ago, as the Dax group announced in Munich.
The Munich share could hardly fuel that on Tuesday after the price gains of the past few weeks. After the start of trading, the stock of the Munich-based stock listed in the Dax was up slightly at EUR 87.85.
At the end of February, however, the share had cost around 70 euros, at the beginning of November it was worth around 60 euros. Especially in the most important part of the business, the auto division, BMW was able to boast in view of the weak prior year values.
Earnings before interest and taxes (EBIT) in the automotive industry rose in the first quarter from 229 million in the same period last year to a good 2.2 billion euros. After the strong preliminary results from Daimler last week, the figures from BMW were no longer a big surprise, according to analysts at Bank of America.
But the numbers are always positive. Goldman Sachs expert George Galliers pointed to a strong inflow of funds, and the operating profit in the auto division was higher than the average of analysts’ estimates. However, some investors had expected a double-digit operating margin in their core business.
After the slump in the first quarter and especially in the second quarter of last year, the automotive industry stepped on the brakes on costs. Because hardly any cars were sold for months in Europe and North America due to lockdown measures, the car manufacturers and suppliers shut down plants, applied for short-time work benefits and put orders on hold. In addition, investments were cut.
BMW also highlighted the business in China. Sales of more expensive premium cars are booming again here, and Mercedes and the VW subsidiary Audi are also benefiting from it. Overall, it was possible to increase sales in all regions of the world and with all brands, according to BMW.