Thursday, 8 March 2012 - 12:38
BMW Lifts Dividend As 2011 Profit Surges
By Christoph Rauwald Of DOW JONES NEWSWIRES
FRANKFURT -(Dow Jones)- BMW AG (BMW.XE) Thursday reported a sharp jump in full-year net profit, fueled by booming demand for luxury vehicles, and said it will raise its dividend.
"The past year has been the best year in the BMW's corporate history," Chief Executive Norbert Reithofer said in a statement, adding, "we have achieved new sales volume, revenues and earnings highs, and exceeded our targets."
The car maker reported a 51% jump in full-year net profit to EUR4.91 billion, and said it plans to raise its dividend to EUR2.30 per common share, up from EUR1.30 last year, and EUR2.32 per preferred stock, up from EUR1.31.
BMW's closely-watched earnings before interest and tax, or Ebit, rose 57% on the year to EUR8.02 billion. Revenue improved 14% to EUR68.8 billion.
Reithofer reiterated the Munich-based firm expects car sales to grow faster than the overall market this year.
BMW is scheduled to release detailed earnings for the full year, including fourth-quarter results, on March 13.
-By Christoph Rauwald, Dow Jones Newswires; +49 69 29 725 512; firstname.lastname@example.org
(END) Dow Jones Newswires
March 08, 2012 05:38 ET (10:38 GMT)
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