Volkswagen Reports Higher 2Q After-Tax Profit, Sales, Despite Diesel Hit

Date : 08/01/2018 @ 8:20AM
Source : Dow Jones News
Stock : Volkswagen (PC) (VLKAY)
Quote : 32.01  0.0 (0.00%) @ 1:00AM

Volkswagen Reports Higher 2Q After-Tax Profit, Sales, Despite Diesel Hit

Volkswagen (PC) (USOTC:VLKAY)
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   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 max.bernhard@dowjones.com; @mxbernhard

 

(END) Dow Jones Newswires

August 01, 2018 03:05 ET (07:05 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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