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Volkswagen Third-Quarter Profit Jumps 20%
Operating profits at Volkswagen AG climbed to €2.8 billion in July-September from €2.3 billion a year earlier in spite of a 4% drop in revenue to €47 billion.
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Operating profits at Volkswagen AG climbed to €2.8 billion in July-September from €2.3 billion a year earlier in spite of a 4% drop in revenue to €47 billion.
VW's group vehicle sales grew 2% to 2.37 million units worldwide in the three-month period. Operating profit as a percentage of sales revenue improved to 5.9% from 4.7% last year.
VW's net profit for the quarter plunged 78% to €2.8 billion from a year earlier, when the company's earnings were magnified by the consolidation of Porsche AG results.
The company's cash flow turned to a positive €3.2 billion in the third quarter from a negative €1.4 billion a year ago.
For January-September, group sales rose 4% to 7.2 million vehicles. VW reiterates its outlook for the full year, which predicts flat operating profits and an unspecified increase in revenue.
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