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BMW posts $420 mn Q1 profit, upgrades 2010 outlook

BMW posts $420 mn Q1 profit, upgrades 2010 outlook
AFP
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First Published: Wed, May 05 2010. 01 31 PM IST
Updated: Wed, May 05 2010. 01 31 PM IST
Frankfurt: BMW, the world’s leading luxury car maker, posted Wednesday a first-quarter net profit to €324 million euros ($420 million), and upgraded its full-year outlook.
The company made a net loss of €152 million in the first three months of 2009.
BMW reported core earnings of €291 million on sales of 12.443 billion, compared with a first-quarter 2009 loss of 251 million on €11.5 billion in sales.
The net profit figure exceeded an analyst forecast of €247 million compiled by Dow Jones Newswires, but sales were slightly below their outlook of €12.6 billion.
For all of 2010, BMW chairman Norbert Reithofer said the group was “aiming to achieve significantly higher group earnings” than in 2009, an improvement from the previous outlook for “notable” growth in earnings.
“The BMW Group has made a good start to 2010. We increased earnings significantly in the first quarter and are now back on a growth course on almost all car markets,” a statement quoted Reithofer as saying.
“We expect that earnings will grow dynamically over the course of the year,” he added.
The company is also aiming for an unchanged core earnings margin of between eight and 10% in 2012.
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First Published: Wed, May 05 2010. 01 31 PM IST
More Topics: Company Results | BMW | Germany | Automaker | Profits |