BMW second-quarter profit jumps on higher China, U.S. demand
BMW reported the biggest profit in two and a half years after demand for the new 5 series surged and sales advanced in China and the U.S.
Second-quarter net income attributable to shareholders gained more than sixfold to 831 million euros ($1.09 billion) from 119 million euros a year earlier, the carmaker said. Profit beat the 546 million-euro average estimate of nine analysts surveyed by Bloomberg. Revenue rose 18 percent to 15.3 billion euros.
Record sales in China, the world's biggest auto market, and a rebound in the U.S. have prompted BMW and rival Daimler AG to lift their 2010 forecasts.
BMW has sold 25,000 of the new 5 series since the sedan went on sale in Europe in March, the carmaker said today. Daimler said last week its third quarter would be determined by how fast it could produce Mercedes-Benz brand cars to meet orders.
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