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VW’s Profits Surge 23%
A 6% gain to 2.84 million unit sales helped boost Volkswagen AG’s second-quarter operating profit, excluding special items, by 23% to €5.6 billion.
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A 6% gain to 2.84 million unit sales helped boost Volkswagen AG’s second-quarter operating profit, excluding special items, by 23% to €5.6 billion.
Operating profit fell 13% when special items, led by €1.6 billion involving VW’s diesel emission cheating scandal, are included.
Group revenue for the period grew 3% to €61.1 billion ($71.3 billion). Net profit climbed 7% to €3.3 billion. ($3.9 billion).
VW predicts its retail unit sales this year will “moderately exceed” last year’s total, and sales revenue will grow as much as 5%. But it cautions that special items will cause its operating return on sales to fall “moderately short” its previous guidance.
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