MUNICH -- BMW reported first-quarter profit that beat analysts' estimates on surging demand for the revamped 5-series sedan and overhauled X3 sport-utility vehicle.
Earnings before interest and taxes more than quadrupled to 1.9 billion euros ($2.81 billion) from 449 million euros a year earlier, the company said Wednesday.
Profit surpassed the 1.54 billion-euro average estimate of 14 analysts surveyed by Bloomberg. Sales increased 29 percent to 16 billion euros.
China's growing economy and a rebound in spending in the U.S. are fueling record demand for luxury cars from BMW, Daimler AG's Mercedes-Benz and Volkswagen AG's Audi.
VW reported last week that first-quarter Ebit more than tripled because of demand for Audi models in China. Daimler's operating profit rose 71 percent led by sales of the Mercedes S class.
"We have generated record earnings and sold more cars in a first quarter than ever before," BMW CEO Norbert Reithofer said in a statement. "The BMW group is well on its way towards achieving new sales volume and earnings records for the full year."
Earnings before interest and taxes more than quadrupled to 1.9 billion euros ($2.81 billion) from 449 million euros a year earlier, the company said Wednesday.
Profit surpassed the 1.54 billion-euro average estimate of 14 analysts surveyed by Bloomberg. Sales increased 29 percent to 16 billion euros.
China's growing economy and a rebound in spending in the U.S. are fueling record demand for luxury cars from BMW, Daimler AG's Mercedes-Benz and Volkswagen AG's Audi.
VW reported last week that first-quarter Ebit more than tripled because of demand for Audi models in China. Daimler's operating profit rose 71 percent led by sales of the Mercedes S class.
"We have generated record earnings and sold more cars in a first quarter than ever before," BMW CEO Norbert Reithofer said in a statement. "The BMW group is well on its way towards achieving new sales volume and earnings records for the full year."
