By Giulia Petroni

BMW AG said late Monday that its preliminary free cash flow for the automotive segment exceeded expectations in the third quarter as several markets experienced a faster recovery.

The German luxury car maker said quarterly cash flow in the segment amounted to 3.07 billion euros ($3.61 billion) from EUR714 million in the previous-year period.

"This was due in particular to a faster recovery in several markets, which led to higher sales growth," it said, adding that it was able to optimise working capital and further reduce fixed costs and capital expenditure.

BMW said the previous earnings forecast for individual segments remains unchanged but disruptions caused by the pandemic have generated significant uncertainty in providing accurate forecasting.

The company is scheduled to release third-quarter results on Nov. 4.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

October 20, 2020 01:43 ET (05:43 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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