© Reuters. FILE PHOTO: The logo of German car manufacturer BMW is seen in Brussels, Belgium, June 1, 2023. REUTERS/Yves Herman/FILE PHOTO
(Reuters) -BMW on Thursday reported higher margin in its core automotive segment, driven by the full consolidation of its Chinese joint venture BMW (ETR Brilliance Automotive (BBA) and improved sales volumes.
The automaker's earnings before interest and taxes (EBIT) margin was 9.8% in the quarter, compared to the 8.9% expected in the consensus provided by the company.
However, the company has reduced its annual dividend to 6 euros per share, compared to 8.5 euros last year.
“A positive effect came from the inclusion of the full-year BBA result and the net effect of volume, mix and prices, driven by the higher sales volume and higher proportion of premium and BMW M vehicles,” said the German. the premium automaker said in a statement.
Group revenue rose 8.7% between October and December to €42.9 billion ($46.89 billion), while net profit rose 20% to €2.6 billion, both above consensus.
BMW shares fell 3% following the results.
(1 dollar = 0.9150 euros)
