BMW's core car-making business hit its 2022 earnings target, the company said on Thursday, helped by strong pricing and consolidation of its China joint venture.
Group revenue rose 28% to 142.6 billion euros ($150.66 billion) versus a Refinitiv SmartEstimate of 141.6 billion.
Its autos business reported an 8.6% margin on earnings before interest and taxes (EBIT) of 10.6 billion euros and cash flow of 11.1 billion euros.
Almost half of the latter came from a cash contribution from Chinese joint venture BMW Brilliance Automotive (BBA).
It proposed a dividend to shareholders of 8.50 euros, up from 5.80 a year earlier.
BMW said last February it would pay 3.7 billion euros to take majority control of BBA after securing the necessary licence from Beijing, increasing its stake to 75% from 50%.
The company said over the year it had faced higher costs of sale, including materials, commodities, logistics and refinancing.
Its shares were down 3.3% at 1222 GMT lagging the European autos index which was down 1%.
BMW's operations beyond automobiles include motorcycles and financial services.
Source: Reuters
Image: Pixabay
