BMW Profit Rises 78% as New X5, Mini Win Customers

Discussion in 'Stocks' started by ASusilovic, Nov 6, 2007.

  1. Nov. 6 (Bloomberg) -- Bayerische Motoren Werke AG, the world's largest maker of luxury cars, said third-quarter profit rose 78 percent as new versions of the X5 sport-utility vehicle and Mini car won customers and the company got a tax credit.

    Net income increased to 803 million euros ($1.17 billion), or 1.22 euros a share, from 452 million euros, or 69 cents, Munich-based BMW said today in a statement. Sales rose 19 percent to 13.8 billion euros.

    BMW introduced the U.S.-built X5 and the Mini at the end of 2006 and is increasing production to meet demand for the new vehicles. While pretax profit rose 6.3 percent, less than estimated, Chief Executive Officer Norbert Reithofer still expects record sales and rising earnings for the full year.

    ``The X5 is certainly making a positive contribution to profits,'' Georg Stuerzer, an analyst at Unicredit in Munich, said in an interview before the earnings were announced. ``Last year's third quarter was also very weak, so in comparison this year will look strong.''

    I suppose ET members like BMW´s ! Made in Germany...:p
  2. Most sales to the US. Dollar is killing them. Stock down hard.