Volkswagen Reports Higher 2Q After-Tax Profit, Sales, Despite Diesel Hit
01 August 2018 - 05:20PM
Dow Jones News
By Max Bernhard
Volkswagen AG (VOW.XE) said Wednesday that second-quarter
after-tax profit and sales rose, despite earnings being hit by a
charge related to its diesel-emissions crisis.
After-tax profit in the quarter came to EUR3.31 billion euros
($3.88 billion), compared with EUR3.10 billion in the year-earlier
period, the German car maker said. Operating profit declined 13% to
EUR3.95 billion, while sales rose 3.4% to EUR61.15 billion.
Analysts had expected revenue of EUR62.68 billion, according to
a consensus estimate provided by FactSet.
Volkswagen said a charge of EUR1.6 billion euros related to its
diesel scandal weighed on earnings in the quarter.
Volkswagen confirmed its 2018 guidance, forecasting sales to
rise as much as 5% and operating return on sales between 6.5% and
7.5%.
The company said it plans to moderately exceed the prior-year's
deliveries in 2018.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
August 01, 2018 03:05 ET (07:05 GMT)
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