FRANKFURT (Business News) - BMW (BMWG.DE), the world's largest luxury carmaker, posted first-quarter earnings on Thursday that beat even the most optimistic expectations and reaffirmed its full-year forecast.
Earnings before interest and taxes (EBIT) rose nearly 19 percent to 2.13 billion euros ($ 2.80 billion), far better than the average estimate of just 1.77 billion from a Business News poll of 13 banks and brokerages.
The overwhelming bulk of this stemmed from its core car business, where EBIT as a percentage of revenue fell slightly to 11.6 percent. Analysts had expected 10.7 percent.
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