Volkswagen Raises Target for Return on Sales After Swing to 2Q Profit
July 29 2021 - 2:15AM
Dow Jones News
By Kim Richters
Volkswagen AG on Thursday updated its guidance for 2021 after
swinging to profit in the second quarter and reporting a jump in
revenue.
The German car maker said quarterly aftertax profit came in at
5.04 billion euros ($5.97 billion), compared with a loss of EUR1.54
billion the same period year-prior.
Revenue rose to EUR67.29 billion from EUR41.08 billion. It had
already released first-half preliminary figures earlier this
month.
Volkswagen said results were particularly driven by its premium
brands Audi and Porsche, and its division Volkswagen Financial
Services.
"We have successfully contained the impacts of the semiconductor
bottlenecks to date, although we anticipate somewhat more
pronounced effects in the third quarter," said Chief Financial
Officer Arno Antlitz.
The car maker adjusted its full-year guidance. For 2021,
Volkswagen expects an operating return on sales between 6.0% and
7.5% compared with previous guidance range of 5.5% to 7.0%.
Full-year deliveries are now expected noticeably up on the prior
year compared with previous significant higher expectations.
Revenue is still seen significantly higher than in 2020.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
July 29, 2021 02:00 ET (06:00 GMT)
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