BMW's First-Quarter Profit Was Okay, But 2020 Will Be a Tough Year

German luxury-vehicle maker BMW (OTC: BAMXF) (OTC: BMWYY) said on May 6 that its first-quarter operating profit rose to 1.38 billion euros ($1.49 billion) from 589 million euros a year ago, when its result was dented by a hefty antitrust fine from the European Union.

Despite the impact of COVID-19 on BMW's operations around the world in the first quarter, and a 20.6% decline in vehicle deliveries from the first quarter of 2019, the company managed a net profit of 574 million euros for the period, down only slightly from last year.

BMW also provided some updated full-year guidance for investors, revised downward for the second time this year.

Source Fool.com