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BMW Stock Dips On Q1 Loss, FY2O Profit Warning

(RTTNews) - Shares of BMW AG were losing around 5 percent in German trading after the luxury car maker reported Wednesday a loss in its second quarter, compared to prior year's profit as demand was hit hard by coronavirus pandemic.

Looking ahead, the company said it is cautiously optimistic for second half of the year, and reaffirmed fiscal 2020 outlook. Group profit before tax for the year is expected to be significantly lower than in 2019.

Oliver Zipse, Chairman of the Board of Management of BMW, said, "We are now looking ahead to the second six-month period with cautious optimism and continue to target an EBIT margin between 0 and 3 percent for the Automotive segment in 2020."

Worldwide deliveries for the Automotive segment in 2020 are likely to be significantly lower than last year.

Motorcycles segment's EBIT margin is currently expected to range between 3 and 5 percent, and deliveries are expected to decrease significantly.
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