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VW Affirms 2013 Outlook Despite 38% Drop in Quarterly Profit
Volkswagen AG posted net income of €1.9 billion in the first quarter compared with €3.1 billion in the same period of 2012.
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Volkswagen AG posted net income of €1.9 billion in the first quarter compared with €3.1 billion in the same period of 2012.
Revenue dipped 2% to €46.6 billion. The company notes that sales growth in China and the U.S. wasn't enough to offset lower demand in Europe.
Operating earnings dropped 26% to €2.3 billion. But VW stands by its full-year forecast of an €11.5 billion operating profit, matching last year's level.
The company will release detailed first-quarter results on April 29.
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