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BREAKING NEWS

BMW's second-quarter profit falls less than expected

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BMW's second-quarter profit falls less than expected

BMW's second-quarter profit falls less than expected
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Stringer .(Reuters)
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FRANKFURT (Reuters) - German carmaker BMW <BMWG.DE> reported a smaller than expected 6 percent decline in second-quarter operating profit on Thursday, even as higher spending to develop electric and autonomous cars weighed on earnings.

BMW's earnings before interest and taxes (EBIT) fell to 2.74 billion euros (£2.43 billion), slightly above the 2.69 billion euros forecast in a Reuters poll of banks and brokerages.

As a result the company's automotive EBIT margin narrowed to 8.6 percent, from 10.1 percent in the year-earlier period.

BMW affirmed its 2018 targets to achieve slightly higher deliveries and revenues in the automotive segment and achieve a group profit before taxes at the previous year's level.

(Reporting by Edward Taylor; Editing by Maria Sheahan)

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