BMW's Profit Drops 6% on Higher R&D Spending
German luxury-vehicle maker BMW AG (NASDAQOTH: BAMXF) revealed in its third-quarter earnings release Tuesday that its pre-tax profit for the period fell 6% from its year-ago result, to 2.42 billion euros ($2.81 billion), due in part to higher spending for new models and advanced technologies.
But despite the Q3 profit decline, BMW raised its full-year pre-tax profit guidance.
Sales of BMW's smallest SUV, the X1, are up nearly 40% this year. The X1 has been in particularly high demand in China. Image source: BMW AG.
Source: Fool.com
