FRANKFURT, Aug 2 (Reuters) - German carmaker BMW reported a smaller than expected 6 percent decline in second-quarter operating profit on Thursday, even as higher spending to develop electric and autonomous cars weighed on earnings.
BMW’s earnings before interest and taxes (EBIT) fell to 2.74 billion euros ($3.19 billion), slightly above the 2.69 billion euros forecast in a Reuters poll of banks and brokerages.
As a result the company’s automotive EBIT margin narrowed to 8.6 percent, from 10.1 percent in the year-earlier period.
BMW affirmed its 2018 targets to achieve slightly higher deliveries and revenues in the automotive segment and achieve a group profit before taxes at the previous year’s level.
$1 = 0.8586 euros Reporting by Edward Taylor Editing by Maria Sheahan