May 4, 2018 / 5:58 AM / 20 days ago

Forex headwinds take shine off record BMW deliveries in Q1

FRANKFURT, May 4 (Reuters) - German luxury carmaker BMW posted a 3 percent drop in first-quarter operating profit as unfavourable exchange rate effects weighed on earnings, even as the carmaker posted higher margins and sales at its luxury cars business.

Group earnings before interest and taxes (EBIT) fell to 2.73 billion euros ($3.27 billion) from 2.82 billion euros in the year-earlier period, it said on Friday.

BMW affirmed its guidance of achieving a group pretax profit of at least last year’s level and an operating margin of 8 to 10 percent at its automotive business, which posted a first-quarter margin of 9.7 percent, up from 9.4 percent a year earlier. ($1 = 0.8347 euros) (Reporting by Edward Taylor Editing by Maria Sheahan)

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