Airbus on course after nine months – Swiss Re with quarterly loss

Volkswagen with profit boost – but sales forecast lowered

Higher deliveries and better prices have boosted Volkswagen’s profits. That climbed in the third quarter operating result (EBIT) by 64.5 percent to around 4.3 billion euros, as the group announced on Friday. According to data from Refinitiv, analysts had expected an even higher EBIT of 4.7 billion euros on average. The costs of the Porsche IPO and write-downs due to the suspension of the Russian business burdened the operating result with a total of 1.6 billion euros.

The bottom line is that it fell quarterly profit by more than a quarter, because Volkswagen also booked 1.9 billion euros for the liquidation of the startup Argo AI for robot cars held with Ford in the financial result.

The board of directors around the new CEO Oliver Blume confirmed the outlook for the year as a whole, despite the stubborn shortage of parts and an onset of a downturn in the industry. Europe’s largest car company continues to assume that the Sales this year will grow between eight and 13 percent and the operating margin at the upper end of the forecast range of between 7.0 and 8.5 percent will land. “However, it is now expected that deliveries to customers of the Volkswagen Group will be in the range of the previous year,” said Volkswagen. So far, the group had announced an increase in sales of five to ten percent.


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