Despite the weakening European economy, BMW AG posted another strong quarter, with earnings up 14% but expected to slow in the months ahead.
The world’s largest premium automaker said its earnings before interest and taxes came to 2 billion Euros, or $2.6 billion, between July and September, led by growth in the U.S. and China as well as by the strong performance of its lending subsidiary. That was well ahead of the 1.74 billion Euros consensus from industry analysts. Net income was up 16%, to 1.29 billion Euros.
Nonetheless, Chief Executive Norbert Reithofer warned that conditions were weakening across its home markets in Europe and could offset gains in other markets.
“Like the rest of the sector, we are now beginning to feel some headwind,” he said in a statement. “We have to acknowledge that we are all facing dramatic challenges and uncertainties in the global economy today.”