BMW posts profit, upgrades 2010 outlook

5th May 2010, Comments 0 comments

BMW, the world's leading luxury car maker, posted Wednesday a first-quarter net profit to 324 million euros (420 million dollars), and upgraded its full-year outlook.

The company made a net loss of 152 million euros in the first three months of 2009.

BMW reported core earnings of 291 million euros on sales of 12.443 billion, compared with a first-quarter 2009 loss of 251 million on 11.5 billion euros in sales.

The net profit figure exceeded an analyst forecast of 247 million euros compiled by Dow Jones Newswires, but sales were slightly below their outlook of 12.6 billion euros.

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 percent in 2012.

© 2010 AFP

0 Comments To This Article