BMW raised its profit forecast for 2010 Wednesday after reporting a strong profit for the third quarter thanks to soaring sales in China and a rebound in the United States. BMW said that net profit in the third quarter was an estimated 874 million, or $1.2 billion, compared to the estimated 78 million a year earlier, when the global automobile industry was in crisis. Revenue in the quarter went up to 36 percent, to an estimate of 15.9 billion, as sales in the United States went up to 9 percent to 70,657 vehicles. In China, BMW unit sales went up to 91 percent. BMW executives warned that the outlook for the global economy and capital markets is still uncertain, but said that the recovery in auto sales appears to be sustainable. The company said it would earn a 7 percent return on operating profit from car sales for the full year, compared to a previous forecast of 5 percent. BMW shares fell in early trading but by mid-afternoon were little changed from the day before.
No comments:
Post a Comment