Volkswagen 9-Months Earnings Rose, Cuts Deliveries View on Auto Slowdown
October 30 2019 - 3:05AM
Dow Jones News
By Max Bernhard
Volkswagen AG (VOW.XE) said Wednesday that its earnings and
revenue rose in the first nine months of the year but cut its
full-year forecast for deliveries, citing a faster-than-expected
slowdown in global auto markets.
Pretax profit in the period rose to 14.6 billion euros ($16.2
billion) from EUR12.5 billion the previous year, the German car
maker said.
Revenue increased by 6.9% to EUR186.6 billion, while operating
profit was EUR14.6 billion, compared with EUR12.5 billion a year
ago.
The company said it booked EUR1.3 billion in special items
against earnings, stemming from legal risks in relation to its
diesel-emissions scandal.
Volkswagen said it now expects 2019 deliveries to be at the same
level as last years, compared with expectations of a slight
increase previously.
The company said it now expects vehicle markets in many regions
of the world to contract faster than previously forecast. It
nevertheless backed its outlook for revenue and return on
profit.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
October 30, 2019 02:50 ET (06:50 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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