FRANKFURT, Germany (AP) — German automaker BMW AG saw first-quarter net profit rise slightly from an already high level as sales of its 5-Series sedan and X1 sport-utility logged double-digit increases.
Net profit rose 1.2 percent to a record 2.301 billion euros ($2.757 billion) from 2.274 billion euros in the same quarter a year ago. Revenues for the Munich-based automaker fell 5 percent to 22.7 billion euros, mostly due to shifting currency exchange rates.
The company increased its profit margin based on earnings before interest and taxes, a key earnings metric, to 9.7 percent up from 9.4 percent.
BMW is counting on continued strong profits to fund investment in new technologies such as autonomous and electric vehicles. CEO Harald Krueger said in a statement Friday that “we are combining tomorrow’s mobility with sustainable profitability.”