MUNICH (dpa-AFX) - German Automobile giant Bayerische Motoren Werke Aktiengesellschaft (BMW.DE) announced on Tuesday that it is raising its full year guidance on strong operational performance in the first half of 2023.
Second quarter EBT margin was 11.3 percent and 12.6 percent in the first half of the year.
Automotive segment delivered an EBIT margin of 9.2 percent in second quarter and 10.6 percent in the first half of the year.
Total units sold by the Automotive segment was 1.2 million in the first half, representing 4.7 percent growth for the same period last year.
The financial services segment reported 759 million euros earnings before tax in the second quarter and 1,704 million euros in the first half.
Looking ahead to the full year, the company now expects the EBIT margin of the automotive segment to be in the range of 9 to 10.5 percent. Previously the company expected in the corridor of 8 to 10 percent.
The financial services segment return on equity is now expected to be between 16 and 19 percent. Earlier, BMW's projection was in the range of 14 to 17 percent.
The company will publish its quarterly results and the outlook for 2023 half year on August 3.
Currently, shares of BMW are trading at 103.90 euros down around 6.50% on the Xetra stock exchange.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX