Volkswagen 9-Months Earnings Rose, Cuts Deliveries View on Auto Slowdown

Date : 10/30/2019 @ 7:05AM
Source : Dow Jones News
Stock : Volkswagen AG (VOW3)
Quote : 181.36  1.44 (0.80%) @ 4:35PM

Volkswagen 9-Months Earnings Rose, Cuts Deliveries View on Auto Slowdown

Volkswagen (XE:VOW3)
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   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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