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BMW: Q2 results fall short of estimates

( - BMW shares are down about 6% on Wednesday morning, after the group reported a lower-than-expected operating result for Q2.

This morning the German carmaker announced that its pre-tax profit (EBT) was down 34% at 3.9 billion euros, despite a 1.7% increase in sales to 34.8 billion euros.

The company's automotive business reported a 37% drop in operating profit to less than 2.5 billion euros, below the consensus of 2.6 billion euros, resulting in a sharp decline in operating margin to 8.2%, about half the 15.8% last year.

BMW said that it was seeing the first signs of a slowdown in the economy, and even predicted that its difficulties would increase on top off current supply problems.

The company nevertheless confirmed its forecast of an operating margin for its automotive division of between 7% and 9% this year.

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