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  -3.10 -1.63% 187.62 187.70 187.78 188.14 184.44 188.00 1,219,489 16:45:00

Volkswagen Backs Profit Target for 2021 After 3Q Hit by Chip Shortage

28/10/2021 7:17am

Dow Jones News


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   By Kim Richters 
 

Volkswagen AG on Thursday confirmed its guidance for profitability for the year after third-quarter operating profit and revenue declined as the car maker was affected by the global semiconductor shortage.

The German car maker said quarterly operating profit came in at 2.60 billion euros ($3.02 billion), compared with EUR3.18 billion the same period a year earlier.

Operating profit before special items fell 12% to EUR2.80 billion, with a corresponding margin of 4.9% for the period.

Revenue fell 4.1% to EUR56.93 billion but beat analysts' expectations of EUR54.66 billion compiled by FactSet.

Meanwhile, aftertax profit was up 5.6% to EUR2.90 billion.

For 2021, Volkswagen backed its forecast to achieve an operating return on sales between 6.0% and 7.5%. However, it lowered its full-year guidance for deliveries to customers, which are now expected in line with the prior year. Revenue is now expected considerably higher than in 2020.

"The results of the third quarter show once again that we must now systematically drive forward the improvement in productivity in the volume sector," said Chief Executive Officer Herbert Diess.

 

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

 

(END) Dow Jones Newswires

October 28, 2021 02:02 ET (06:02 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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