BMW Q3 automotive EBIT down six percent on tech costs, Europe

Reuters

BERLIN (Reuters) - German luxury carmaker BMW (GER:BMW) saw operating profit at its key automotive division decline in the third quarter due to the cost of new technology and price discounts in core European markets.

The segment's earnings before interest and tax (EBIT) dropped 6 percent to 1.55 billion euros (1.3 billion pounds), missing the 1.59 billion-euro consensus forecast in a Reuters poll.

Munich-based BMW stuck to its 2013 outlook, aiming for an automotive EBIT margin between 8 and 10 percent and group pretax profit on a similar level as last year's 7.82 billion.

The carmaker is also targeting a single-digit percentage rise in group deliveries including Rolls-Royce and MINI brand cars to a new record.

(Reporting by Andreas Cremer; Editing by Maria Sheahan)

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