Volkswagen (PC) (USOTC:VLKAY)
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1 Year : From Jul 2018 to Jul 2019
By Max Bernhard
Volkswagen AG (VOW.XE) said Wednesday that second-quarter after-tax profit and sales rose, despite earnings being hit by a charge related to its diesel-emissions crisis.
After-tax profit in the quarter came to EUR3.31 billion euros ($3.88 billion), compared with EUR3.10 billion in the year-earlier period, the German car maker said. Operating profit declined 13% to EUR3.95 billion, while sales rose 3.4% to EUR61.15 billion.
Analysts had expected revenue of EUR62.68 billion, according to a consensus estimate provided by FactSet.
Volkswagen said a charge of EUR1.6 billion euros related to its diesel scandal weighed on earnings in the quarter.
Volkswagen confirmed its 2018 guidance, forecasting sales to rise as much as 5% and operating return on sales between 6.5% and 7.5%.
The company said it plans to moderately exceed the prior-year's deliveries in 2018.
Write to Max Bernhard at firstname.lastname@example.org; @mxbernhard
(END) Dow Jones Newswires
August 01, 2018 03:05 ET (07:05 GMT)
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