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BMW's 5-series launch helps drive forecast-beating second-quarter profit

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BMW's 5-series launch helps drive forecast-beating second-quarter profit

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FRANKFURT (Reuters) – German luxury carmaker BMW <BMWG.DE> posted a forecast-beating 7.5 percent rise in second-quarter profits as sales of its new 5-series helped to offset slowing demand for luxury cars in the United States. Earnings before interest and tax (EBIT) rose to 2.92 billion euros ($3.46 billion), compared with an average forecast for 2.82 billion in a Reuters poll of banks and brokerages. BMW affirmed its guidance for a slight increase in full-year group pretax profit and an operating margin of 8 to 10 percent at its automotive business, which posted a second-quarter margin of 9.7 percent, up from 9.5 percent a year earlier. BMW said it now forecasts a solid increase in automotive segment revenues for the full year.

(Reporting by Edward Taylor; Editing by Maria Sheahan)
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