BMW Group records best first quarter

BMW Group had its best first quarter in the history of the company. Revenues increased 28.9 percent over the year-ago period to euro 16 billion, while group net profit reached euro 1 billion, over the 2010 first quarter euro 324 million.

Motorcycle sales, which include Husqvarna and BMW for the first time, rose 11.4 percent over the year-ago quarter to 25,049 units. Revenue in that segment rose 13.1 percent to euro 397 million, while profit before tax came in relatively unchanged from the 2010 first quarter at euro 30 million.

Automotive segment revenues rose 34.7 percent to euro 14 billion, while profit before tax reached euro 1.6 billion, compared to euro 220 million in the year-ago quarter.

The company also announced that due to 2010 financial success, employees will receive record profit sharing. On average, an employee covered by collective pay-scale agreements will receive euro 5,840.

In light of its first quarter success, BMW has not changed its goal of setting a new earnings record during the 2011 financial year.

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