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Nov. 6, 2019, 2:19 a.m. EST

BMW profit rises as efficiency measures kick in

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By Max Bernhard


Bloomberg News
BMW AG vehicles stand on display outside a dealership in Seoul, South Korea, on Tuesday, Jan. 3, 2017.

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 +0.08%   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.

/zigman2/quotes/209548467/delayed
DE : Germany: Frankfurt
62.00
+0.05 +0.08%
Volume: 742.00
Sept. 30, 2020 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€723,779
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