MUNICH (dpa-AFX) - German automajor BMW Group (BMW.L, BAMXF.PK, BAMXY.PK) reported Friday weak profit in its fourth quarter as revenues were hit mainly by lower Automotive deliveries.
In its fourth quarter, net profit fell 40.9 percent to 1.55 billion euros from last year's 2.61 billion euros. Earnings per share of common stock were 2.41 euros, down 36.1 percent from prior year's 3.77 euros.
Profit before financial result or EBIT plunged 57.3 percent to 1.88 billion euros from 4.41 billion euros a year ago. EBT margin declined 2.8 percentage points to 5.8 percent from 8.6 percent a year earlier.
Revenues for the quarter were 36.42 billion euros, 15.2 percent lower than 42.97 billion euros last year.
Automotive deliveries dropped 2.9 percent from last year to 696,697 units, while Motorcycles deliveries grew 5.9 percent to 46,949 units.
Further, subject to the approval of the Annual General Meeting on May 14, the Board of Management and Supervisory Board will propose a dividend of 4.30 euros per share of common stock, down from last year's 6.00 euros. The Board will also propose dividend of 4.32?euros per share of preferred stock, down from 6.02 euros a year ago.
At the AGM, BMW AG will request a further authorization to buy back additional shares amounting to 10 percent of the existing share capital within the next five years.
Looking ahead, for fiscal 2025, the company projects Group earnings before taxes on previous year's level, and EBIT margin in the range of 5.0 to 7.0 percent in the Automotive segment.
The guidance takes into account the effects of the tariff increases that came into force up to March 12.
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