By Kim Richters

BMW AG on Tuesday reported a swing to second-quarter profit and a rise in revenue as the luxury-car maker continued to benefit from strong demand for premium vehicles and good pricing.

The German auto maker's quarterly aftertax profit was 4.79 billion euros ($5.69 billion) compared with a loss of EUR212 million in the same period a year earlier when it was hit by the effects of the coronavirus pandemic.

Earnings before interest and taxes came in at EUR5.01 billion compared with a prior-year loss of EUR666 million. Revenue for the quarter rose to EUR28.58 billion from EUR19.97 billion, BMW said.

The company expects an overall positive business development for the whole of 2021 but warned of effects from the semiconductor shortage and raw-material prices in the second half.

"We expect production restrictions to continue in the second half of the year and hence a corresponding impact on sales volumes," Chief Financial Officer Nicolas Peter said.

For its automotive segment in 2021, BMW expects to reach the upper end of an EBIT margin forecast range of 7% to 9%.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

August 03, 2021 02:14 ET (06:14 GMT)

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