BMW earnings fall amid market trouble over emissions tests
FRANKFURT, Germany (AP) — Germany luxury automaker BMW said Wednesday that its net profit fell 24 percent in the third quarter as the company spent more on new technology and faced market disruptions due to other companies failing to get vehicles certified in time for new European Union emissions tests.
Net profit fell to 1.40 billion euros ($1.6 billion) from 1.84 billion euros in the year-ago quarter. The figure was short of the 1.61 billion euros foreseen by analysts surveyed by financial information provider FactSet. Revenues rose 4.7 percent to 24.74 billion euros.