BMW AG (BMWYY) posted stronger-than-expected second quarter earnings Thursday and held to its full year guidance as surging Asia sales offset slowing luxury car demand in the United States.
BMW said operating earnings rose 7.5% to €2.92 billion ($3.46 billion) in the three months ending in June, topping the Thomson Reuters forecast of €2.82 billion. Total group revenues rose 3.1% from the same period last year to €25.8 billion, a figure that fell slightly below the FactSet consensus of €26 billion.
Overall automotive sales hit a record 633,582 units in the second quarter, BMW said, although Rolls-Royce branded car deliveries fell 25.7% to 1,133 units. Asia region deliveries rose 21% to 178,364 units, the company said, with sales in China rise nearly 25% from the same period last year.
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