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Bayerische Motoren Werke AG BMW

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BMW Q3 Results Impress, Despite Chip Crunch Maintains Guidance; Slight FVE Increase to EUR 135

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

Narrow-moat BMW reported third-quarter earnings per share before special items of EUR 3.89, an impressive EUR 1.28 ahead of the EUR 2.61 FactSet consensus and up EUR 1.18 from EUR 2.71 reported in the pandemic-stricken year-ago period. Despite a 12% drop in automotive volume from the chip crunch, consolidated revenue rose 5% to EUR 27.5 billion on a 3% increase in industrial revenue and a 14% jump in financial services due to the strength of the pre-owned business from high residual off-lease sales. The top-line result beat the FactSet consensus by 7%. Consolidated profit before tax was EUR 3.4 billion for a margin of 12.4%, significantly above management's 8%-10% targeted corridor, as China JV equity income increased 9% and financial services profit before tax rose 14%.

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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.

Petuelring 130
Munich, BY, 80788, Germany
T +?49 893820
Sector Consumer Cyclical
Industry Auto Manufacturers
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 120,726