Volkswagen Guides for 2021 Sales Growth After 2020 Profit Falls
February 26 2021 - 9:08AM
Dow Jones News
By Kim Richters
Volkswagen AG on Friday posted a fall in aftertax profit and
sales for 2020, but said it expects deliveries and sales to be
higher this year.
The German car maker said aftertax profit came in at 8.82
billion euros ($10.74 billion), compared with EUR14.03 billion
year-prior.
Operating profit for the period fell to EUR9.68 billion from
EUR16.96 billion, while sales declined to EUR222.88 billion from
EUR252.63 billion.
Analysts had expected sales of EUR222.35 billion, according to
analysts' estimates recorded by FactSet.
Operating profit before special items--costs largely relating to
the car maker's emissions-cheating scandal--came in at EUR10.61
billion.
For 2021, Volkswagen forecasts a noticeable increase in
deliveries and a significant rise in sales year-on-year. It is
aiming to hit the higher end of an operating return on sales range
of between 5.0% and 6.5%.
"We intend to carry over the strong momentum from the
significantly better second half into the current year, and the
programs for reducing our fixed costs and in procurement will make
us more robust in the long term," said Frank Witter, the company's
finance chief.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
February 26, 2021 08:53 ET (13:53 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Volkswagen (TG:VOW)
Historical Stock Chart
From Apr 2024 to May 2024
Volkswagen (TG:VOW)
Historical Stock Chart
From May 2023 to May 2024