Volkswagen AG
0.96 (0.77%)
Share Name Share Symbol Market Type
Volkswagen AG XE:VOW3 XETRA Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.96 0.77% 125.64 125.64 125.64 125.78 124.54 125.60 941,735 16:35:23

Volkswagen Backs Margin Guidance for 2022 After 3Q Operating Profit Rose

28/10/2022 7:21am

Dow Jones News

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   By Kim Richters 

Volkswagen AG on Friday backed the outlook for its full-year margin after operating profit and revenue rose in the third quarter.

The German auto maker said operating profit rose to 4.27 billion euros ($4.26 billion) from EUR2.60 billion with the corresponding return on sales increasing to 6.0% from 4.6%.

Quarterly revenue rose 24% to EUR70.71 billion but aftertax profit fell to EUR2.13 billion from EUR2.90 billion in the same period year-prior.

Volkswagen said results this quarter were supported by the performance of its premium, sport and luxury segments but also hit by nonrecurring costs of around EUR1.6 billion related to its Russia activities and the Porsche AG IPO as well as a EUR1.9 billion noncash impairment charge connected to its Argo AI investment.

Looking ahead, Volkswagen continues to expect revenue this year to be 8%-13% higher than in the previous year. It also aims to reach the upper end of the 7.0%-8.5% guidance range for operating margin.


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


(END) Dow Jones Newswires

October 28, 2022 02:06 ET (06:06 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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