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Technology Investments Shrink BMW Operating Profit
BMW AG netted €1.4 billion ($1.8 billion) in the second quarter of 2013 compared with €1.3 billion ($1.7 billion) a year earlier.
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BMW AG netted €1.4 billion ($1.8 billion) in the second quarter of 2013 compared with €1.3 billion ($1.7 billion) a year earlier. Revenue rose 2% to €19.6 billion ($25.9 billion).
Earnings before interest and taxes slid 9% to €2.1 billion ($2.7 billion) in the April-June period this year. Group EBIT as a percentage of sales shrank to 10.6% from 11.8% in the second quarter of 2012.
The company attributes that deterioration to weak car markets in Europe, a 5% increase in its workforce and heavy spending on new technologies, vehicles and factories.
Group vehicle sales worldwide climbed 7% to a record 506,300 units.
The BMW brand hiked global sales 8% to 422,800 vehicles in the latest quarter, remaining ahead of rival Mercedes-Benz by nearly 24,000 units. Deliveries fell 2% to 82,600 vehicles at Mini.
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