Volkswagen Tightens Guidance After 3Q Revenue Rose

By Andrea Figueras

Volkswagen AG tightened its guidance for the year after it said revenue rose in the third quarter and the first nine months of 2023.

The German car maker now expects an operating result before special items at a similar level to last year's 22.5 billion euros ($23.82 billion), which VW said at the time was a return on sales of 8.1%. Earlier this year, the company had said it expected an operating return on sales for 2023 of between 7.5% and 8.5%.

In its preliminary results, the company said it continues to expect deliveries to customers at between 9 million and 9.5 million vehicles and maintained its estimates for sales revenue in a range of 10% to 15% higher than the prior-year figure.

Group sales revenue for the third quarter was 12% higher at around EUR78.8 billion for the third quarter, while the operating result came in at around EUR4.9 billion compared with EUR4.3 billion last year, the company said Friday.

For the first nine months of the year, Volkswagen posted an increase in group sales revenue of around 16% to approximately EUR235.1 billion, it said. Operating profit was around EUR16.2 billion compared with EUR17.1 billion a year earlier.

Volkswagen will publish its the full report for the nine-month period on Thursday.

Write to Andrea Figueras at [e-mail]

(END) Dow Jones Newswires

October 20, 2023 13:12 ET (17:12 GMT)

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