BMW warns on virus lockdowns but maintains outlook
Frankfurt am Main, Nov 4, 2020 -German luxury carmaker BMW on Wednesday warned that new pandemic restrictions would "severely" hit business in the months ahead, even as it reported better than expected third quarter profits.
The coronavirus "will remain the biggest of many risks", chief executive Oliver Zipse told a virtual press conference, as "new lockdowns could severely impact our business development in the fourth quarter and early 2021".
The Munich-based company posted a net profit of 1.8 billion euros ($2.1 billion) in the three months to September, up from 1.5 billion euros in the same period last year as it recovered from the impact of lockdowns early in 2020, BMW said in a statement.
Group sales were down 1.4 percent year-on-year to 26.3 billion euros.
The results beat analysts' predictions of third quarter net profit of 1.5 billion euros on sales of 26.1 billion euros, according to the FactSet financial information service.
BMW suffered its first loss in 10 years in the second quarter after the pandemic shuttered showrooms, closed factories and ravaged demand in the spring but the auto market bounced back strongly as restrictions were eased.
Following a better third quarter, "the pandemic is now clearly regaining momentum", BMW said.
The company confirmed its full-year outlook, forecasting a significant fall in earnings and car sales for 2020.
Brexit will also "contribute to uncertainty", with BMW maintaining a large presence in Britain at its Mini factory in Oxford.
Operating profit at BMW's automobiles segment, which includes its Mini and Rolls-Royce marques, fell 2.5 percent to 1.5 billion euros with more than 675,000 cars delivered worldwide in the third quarter.
China's economic recovery in the quarter saw BMW increase sales in its largest national market to a record level, it said.
- Factories open - Germany this week closed restaurants, bars, cultural and leisure centres to curb a second coronavirus wave, raising doubts about the rebound in Europe's top economy.
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