Latest News

Dow Jones Newswires: Volkswagen backs outlook as profit and revenue rise, recovery in China continues to accelerate

0

Volkswagen AG on Friday backed the outlook for its full-year margin after operating profit and revenue rose in the third quarter.

The German auto maker
VOW3,
-0.26%

VOW,
+0.88%

said operating profit rose to 4.27 billion euros ($4.26 billion) from EUR2.60 billion with the corresponding return on sales increasing to 6.0% from 4.6%.

Quarterly revenue rose 24% to EUR70.71 billion but aftertax profit fell to EUR2.13 billion from EUR2.90 billion in the same period year-prior.

Volkswagen said results this quarter were supported by the performance of its premium, sport and luxury segments but also hit by nonrecurring costs of around EUR1.6 billion related to its Russia activities and the Porsche AG IPO as well as a EUR1.9 billion noncash impairment charge connected to its Argo AI investment.

Looking ahead, Volkswagen continues to expect revenue this year to be 8%-13% higher than in the previous year. It also aims to reach the upper end of the 7.0%-8.5% guidance range for operating margin.

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

Dow Jones Newswires: BBVA posts forecast-beating net profit of $1.83 billion, but also boosts bad loan provisions

Previous article

Dow Jones Newswires: Swedish Match recommends shareholders accept improved Philip Morris bid

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News