BMW says third-quarter cash flow in auto segment was above expectations

BMW's free cash flow amounted to 3.07 billon euros ($3.61 billion) in the third quarter, up from 714 million euros ($840.16 million) in the year-earlier period.
By : Reuters
| Updated on: 20 Oct 2020, 10:34 AM
BMW's first iX3 model being rolled out of its China facility.
BMW's first iX3 model being rolled out of its China facility.
BMW's first iX3 model being rolled out of its China facility.
BMW's first iX3 model being rolled out of its China facility.

BMW on Monday said rebounding markets helped the German carmaker to deliver higher-than-expected free cash flow in the automotive segment during the third quarter.

Free cash flow amounted to 3.07 billon euros ($3.61 billion) in the third quarter, up from 714 million euros ($840.16 million) in the year-earlier period, the carmaker said late on Monday.

"This was due in particular to a faster recovery in several markets, which led to higher sales growth," BMW said in a preliminary earnings release which was published ahead of the company's scheduled quarterly earnings on Nov. 4.

(Also read | BMW looking to cash in on people spending on luxury cars as Covid curbs holidays)

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An optimisation of working capital and a reduction of fixed costs and capital expenditure had helped to bolster earnings, but earnings forecasts for the individual segments and the multi-brand carmaking group remain unchanged.

"Economic disruption caused by the coronavirus pandemic continues to significantly impair forecasting and leads therefore to considerable uncertainty in providing an accurate outlook," BMW said.

First Published Date: 20 Oct 2020, 10:19 AM IST
TAGS: BMW
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