BMW Sticks to Guidance Despite First-Quarter Earnings Beat
- Earnings margin of 12.1% beat estimates, surpassed last year
- Company announced €2 billion share buyback program Wednesday
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BMW AG’s first-quarter earnings beat expectations on strong sales of its most expensive cars, though the company left its 2023 outlook unchanged as the softening global demand threatens to erode orders across the industry.
The carmaker reported an automotive earnings margin of 12.1%, surpassing analyst estimates and the 8.9% it logged for the same quarter in 2022. The results followed an announcement late Wednesday that BMW aims to boost earnings per share with a new €2 billion ($2.2 billion) share buyback program.