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BMW hits reverse gear in US fallout
SHARES in Bayerische Motoren Werke AG, the world's largest maker of luxury cars, fell the most in seven years in Frankfurt trading yesterday.
The tumble came as the firm abandoned its profit forecast on falling United States sales, the greenback's decline and rising costs for plastics, steel and oil.
BMW fell as much as 10.8 percent. Second-quarter net income dropped to 507 million euros (US$788 million) from 753 million euros a year earlier, the Munich-based company said yesterday, missing the median estimate of 703 million euros in a Bloomberg News survey. Sales declined 0.9 percent to 14.6 billion euros.
Chief Executive Officer Norbert Reithofer plans to cut production by more than 20,000 vehicles, raise prices and ship cars produced for the US to other markets after sales 'deteriorated sharply over the past weeks.' His prediction of 'another difficult year' in 2009 comes seven days after Daimler AG lowered its forecast.
Car sales in the US, BMW's biggest market, have fallen 10 percent this year as soaring gasoline prices and slowing economic growth hurt consumer spending.
Currency risks
'What's surprising is the size of the cut,' said Georg Stuerzer, an analyst at UniCredit Markets & Investment Banking in Munich, who recommends investors buy the stock. 'Next year won't become easier due to currency risks and commodity prices.'
BMW fell as much as 3.11 euros to 25.80 euros yesterday, its biggest drop since September 14, 2001. The shares traded at 26.61 euros at 10:58am, extending their decline for the year to 38 percent and valuing the car maker at 16.7 billion euros.
The company had forecast higher earnings on eastern European and Asia sales and demand for the X6 crossover and upgrades of the X5 sport-utility vehicles and Mini cars. BMW is now abandoning its forecast for 2008 pretax profit of 3.78 billion euros, spokesman Marc Hassinger said in an interview.
The US economy shrank at the end of last year and grew less than forecast in the second quarter this year.
Most American banks have been hit with billions of dollars worth of writedowns of mortgage-related securities, reducing their appetite to issue new loans and drying up funds for growth.
The tumble came as the firm abandoned its profit forecast on falling United States sales, the greenback's decline and rising costs for plastics, steel and oil.
BMW fell as much as 10.8 percent. Second-quarter net income dropped to 507 million euros (US$788 million) from 753 million euros a year earlier, the Munich-based company said yesterday, missing the median estimate of 703 million euros in a Bloomberg News survey. Sales declined 0.9 percent to 14.6 billion euros.
Chief Executive Officer Norbert Reithofer plans to cut production by more than 20,000 vehicles, raise prices and ship cars produced for the US to other markets after sales 'deteriorated sharply over the past weeks.' His prediction of 'another difficult year' in 2009 comes seven days after Daimler AG lowered its forecast.
Car sales in the US, BMW's biggest market, have fallen 10 percent this year as soaring gasoline prices and slowing economic growth hurt consumer spending.
Currency risks
'What's surprising is the size of the cut,' said Georg Stuerzer, an analyst at UniCredit Markets & Investment Banking in Munich, who recommends investors buy the stock. 'Next year won't become easier due to currency risks and commodity prices.'
BMW fell as much as 3.11 euros to 25.80 euros yesterday, its biggest drop since September 14, 2001. The shares traded at 26.61 euros at 10:58am, extending their decline for the year to 38 percent and valuing the car maker at 16.7 billion euros.
The company had forecast higher earnings on eastern European and Asia sales and demand for the X6 crossover and upgrades of the X5 sport-utility vehicles and Mini cars. BMW is now abandoning its forecast for 2008 pretax profit of 3.78 billion euros, spokesman Marc Hassinger said in an interview.
The US economy shrank at the end of last year and grew less than forecast in the second quarter this year.
Most American banks have been hit with billions of dollars worth of writedowns of mortgage-related securities, reducing their appetite to issue new loans and drying up funds for growth.
