BMW’s 5-series launch helps drive forecast-beating second quarter profit

German luxury carmaker BMW posted a forecast-beating 7.5 percent rise in second-quarter profits as sales of its new 5-series helped to offset slowing demand for luxury cars in the United States.

Earnings before interest and tax (EBIT) rose to 2.92 billion euros ($3.46 billion), compared with an average forecast for 2.82 billion in a Reuters poll of banks and brokerages.

BMW affirmed its guidance for a slight increase in full-year group pretax profit and an operating margin of 8 to 10 percent at its automotive business, which posted a second-quarter margin of 9.7 percent, up from 9.5 percent a year earlier.

BMW said it now forecasts a solid increase in automotive segment revenues for the full year.