BMW reports record quarter, sees record year

FRANKFURT – German automaker BMW said on Thursday that the first quarter of this year was its best ever, surprising with an 18.1-percent rise in net profits on a 12-month comparison to 1.35 billion euros ($1.8 billion).

Sales surged by 14.1 percent to 18.3 billion euros and earnings before interest and tax by 18.8 percent to 2.13 billion euros, also exceeding expectations.

The firm, which makes top-of-the-range cars, said it expected to achieve sales and pre-tax profits records for the year.