BMW has booked a massive rise in third quarter profit to EUR874m, up from EUR78m a year ago on revenues up 35.6% to EUR15.94bn. Nine-month net profit was 2.03bn (EUR47m) on revenues up 20.7% to EUR43.73bn.
Third quarter 366,190 BMW, Mini and Rolls-Royce deliveries rose 13% to 366,190 units and nine-month sales were up 13.1 % to 1,062,216 units.
Third-quarter EBIT rose to EUR1,13bn from EUR55m) while nine-month EBIT increased to EUR3.36bn from EUR169m.
Q3 pretax profit was EUR1.36bn (EUR126m) and EUR3.17bn (EUR79m).
"We expect macro-economic conditions to remain stable for the rest of 2010. The broad recovery taking place on international car markets gives reason to believe that sales volumes will be significantly higher, particularly in emerging markets," BMW said.
"Economic recovery is also likely to continue in the USA, giving sales volumes another boost. All of these factors point to a continuance of the BMW group’s fine performance in the final quarter of the year.
"We therefore forecast a significant increase in group pre-tax earnings for the full year 2010."
Analysts polled by Dow Jones Newswires had forecast a slightly more modest net profit gain to EUR791m. They had expected sales of EUR14.27bn.
BMW said the group still planned to sell more than 1.4m vehicles this year, and was aiming for a profit margin of between 8% and 10% for its core auto activities in 2012.