© Reuters. FILE PHOTO: The logo of German automaker BMW is seen in Brussels, Belgium June 1, 2023. REUTERS/Yves Herman/FILE PHOTO
(Corrects headline and first and second paragraphs to show the margin is for 2023 (not ‘the quarter’) and that it was slightly lower (not higher); corrects consensus in paragraph 2 to 9.9% (not 8.9%))
(Reuters) -BMW reported a slightly lower annual margin than expected in its core automotive segment on Thursday despite releasing higher sales in 2023.
The carmaker’s margin on earnings before interest and taxes (EBIT) was 9.8% in 2023, versus 9.9% expected in the company-provided consensus.
The firm has cut its annual dividend to 6 euros per share, down from 8.5 euros last year.
“A positive effect came from the full-year inclusion of the BBA result and from the net effect of volume, mix and pricing, driven by the higher sales volume and the higher share of top end as well as BMW (ETR:) M vehicles,” the German premium carmaker said in a statement.
Group revenue rose by 8.7% through October-December to 42.9 billion euros ($46.89 billion), while net profit added 20% and stood at 2.6 billion euros, both above the consensus.
Shares in BMW fell 3% following the results.
($1 = 0.9150 euros)
