BMW posts $424M profit

German luxury automaker BMW AG reported a $424 million first-quarter profit on Wednesday, reflecting a recovery in demand for premium cars from last year's deep slump. BMW said it expected the launch of its key 5 Series sedan during the second quarter to help it gain further momentum.

"We expect that earnings will grow dynamically over the course of the year," said Chief Executive Norbert Reithofer. "We intend to remain the world's leading provider of premium cars in 2010," he said in a statement. The Munich-based company sells premium cars under the BMW, Rolls-Royce and Mini brands.