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News Summary: Tough market dents BMW Q1

Published on NewsOK Modified: May 2, 2013 at 12:58 pm •  Published: May 2, 2013
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ROUGH ROAD: Tough auto markets worldwide — including a deep slump in Europe — and investment in new technology dented first-quarter earnings at German automaker BMW AG.

NUMBER NUMBERS: BMW's net profit fell 3 percent to 1.312 billion euros ($1.73 billion) as revenues declined 4.1 percent to 17.55 billion euros. The earnings figures follow a quarter in which the European car market shrank 9.8 percent as many countries have sunk back into recession.

LEADER OF THE PACK: Still, the company's drop in profit for the quarter was smaller than its German competitors, Daimler AG and Volkswagen AG.