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VW Quarterly Profit Soars 87%
Volkswagen AG nearly doubled its net earnings to €3.2 billion ($4.2 billion) in the quarter ended March 31 compared the year-earlier period.
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Volkswagen AG nearly doubled its net earnings to €3.2 billion ($4.2 billion) in the quarter ended March 31 compared the year-earlier period.
Revenue climbed 26% to €47.3 billion ($62.5 billion) in the first quarter. Sales grew 11% to 2.3 million vehicles.
Results were boosted by volume gains of 34% and 77% in the U.S. and Russia, respectively, and strong profits from the Audi brand. VW boosted its global share of the passenger-car market by 0.3 points to 12.2%.
Quarterly operating profit rose 10% to €3.2 billion ($4.2 billion). Audi led with a 27% jump in operating earnings to €1.4 billion ($1.8 billion), followed by the VW brand's 5% gain to €1.1 billion ($1.5 billion).
Earnings also were buoyed by the inclusion this year of a €223 million ($294 million) profit from truckmaker MAN SE, which is consolidated now that VW holds a 75% stake.
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