By Max Bernhard
BMW AG on Wednesday reported a jump in third-quarter earnings, and its finance chief said the car maker’s efficiency measures are bearing fruit.
Earnings before interest and taxes rose 33% to 2.29 billion euros ($2.54 billion), while revenue rose 7.9% to EUR26.67 billion, the German luxury car maker /zigman2/quotes/209548467/delayed DE:BMW +0.26% said.
“The efficiency-boosting measures we have implemented are bearing fruit,” said Chief Financial Officer Nicolas Peter. The company is performing at a high level compared with its rivals and considering challenging conditions in the auto sector, he added.
Net profit rose to EUR1.52 billion from EUR1.36 billion a year earlier.
In the automotive segment, BMW’s closely watched EBIT margin rose to 6.6% in the quarter from 4.4% a year ago.