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European Slowdown Shrinks VW Operating Profit
Volkswagen AG netted €11.3 billion ($14.7 billion) in the third quarter of this year compared with €7 billion ($9.1 billion) in the same period of 2011.
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Volkswagen AG netted €11.3 billion ($14.7 billion) in the third quarter of this year compared with €7 billion ($9.1 billion) in the same period of 2011.
Revenue jumped 27% to €48.8 billion ($63.7 billion), and sales climbed 13% to 2.3 million vehicles.
Most of those increases came from consolidating the results of Porsche AG on Aug. 1 and truckmaker MAN AG last November, the company says. VW's operating income fell 19% year on year to €2.3 billion ($3 billion) in the July-September period.
The company reiterates its full-year outlook for higher sales and revenue and operating earnings that roughly match last year's €11.3 billion ($14.7 billion).
VW's investments in automotive facilities and equipment surged 51% to €2.6 billion ($3.4 billion) in the latest quarter as the company launched new models and expanded rapidly overseas.
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