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 EUR166.76.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

January 22, 2021 10:10 ET (15:10 GMT)

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