Volkswagen Shares Rise on Adjusted Operating Profit Beat
By Kim Richters
Volkswagen AG traded higher on Friday after the German car giant
reported preliminary adjusted operating profit that was better than
analysts had expected.
Operating profit before special items, which are related to the
diesel scandal, was around 10 billion euros ($12.14 billion) for
2020, Volkswagen said.
While this was significantly lower than the company's operating
profit before special items in 2019, which was EUR19.3 billion,
analysts had expected around EUR5.8 billion for 2020, according to
consensus of analysts compiled by Dow Jones.
Frank Schwope, analyst at Nord/LB, said Volkswagen's profit for
the year was "surprisingly strong."
At 1432 GMT, Volkswagen preferred shares were trading up 2.9% at
Write to Kim Richters at firstname.lastname@example.org
(END) Dow Jones Newswires
January 22, 2021 10:10 ET (15:10 GMT)
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