Luxury car maker BMW AG said Wednesday that its second-quarter profit slipped 4.3 percent, hurt by a strong euro, rising materials costs and the costs of launching new models.
But the Munich-based company said it still expects to sell a record number of cars this year and that its pretax profit would be higher than last year.
Shares of BMW fell more than 5 percent to 43.50 euros ($59.63) in Frankfurt.
BMW earned 753 million euros ($1.03 billion) in the April-June quarter, compared with 787 million euros a year ago. That fell short of the 766 million euros ($1.05 billion) forecast by analysts polled by Dow Jones Newswires.
Sales rose 11 percent to 14.68 billion euros ($20.12 billion) in the quarter, compared with 13.19 billion euros a year earlier as customers from China to the United States opened their wallets for its new models of the Mini and BMW sedans.
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