BMW Posts Mixed 3Q Results, Confirms Guidance; Maintain EUR 117 FVE
Narrow-moat-rated BMW reported third-quarter earnings per share before special items of EUR 2.12; this missed the sell-side consensus of EUR 2.31 by EUR 0.19 and was EUR 0.64 lower than a year ago. Group revenue improved by 5% compared with the prior year to EUR 24.7 billion on automotive unit volume that was nearly flat, up just 0.3% versus the third quarter of 2017. We estimate that excluding favorable euro/dollar currency exchange rates, revenue would have grown 4%. Headwinds including new, m...
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