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5/6, 7:56 AM (Source: TeleTrader)
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BMW St.+0.33%

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BMW's EPS slips 1.2% to €0.84 in Q1

Bayerische Motoren Werke (BMW) AG published on Wednesday its financial results for the first quarter of the year, saying its earnings per share yearly dropped 1.2% to stand at €0.84.

BMW's group net profit fell 2.4% to reach €574 million in the same period, while on the other hand, the company's revenue increased by 3.5% to land at €23,25 million. Still, the revenue growth was led by reduced expenses in eliminations and a rise in the financial services sector, and not car sales.

"In particular, reduced customer demand in the wake of the pandemic and the associated containment measures as well as the resulting production interruptions in several countries are having an adverse impact on the Group’s net assets, financial position and results of operations," the report noted.

Yesterday, the German carmaker lowered its 2020 guidance due to the negative impact of the coronavirus crisis, which led to disappointing auto sales figures, which annually plunged 20.6% in the first three months of 2020.

Breaking the News / ND