The company said yesterday that it made 4.4 billion euros ($4.7 billion) in operating earnings in the January-March period, up from 3.4 billion euros a year earlier. The statement credited success in holding down fixed costs as well as the successful launch of new vehicles including the Tiguan. Volkswagen is scheduled to release full financial details including bottom-line net profit for the first quarter on May 3. The company said in a brief news release that the namesake brand contributed 0.9 billion euros. FRANKFURT — German automaker Volkswagen has reported better-than-expected earnings for the first quarter thanks to cost controls and a stronger contribution from its core brand, which was boosted by new models including the Tiguan SUV.
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Volkswagen admitted criminal charges in the US and senior staff have been arrested there and face trial. with new models such as the Tiguan sports utility vehicle a contributor, along with a "strong" performance in the West European market. Around the world the company still faces a slew of legal battles as drivers, investors and authorities seek redress for Volkswagen's actions. The company has paid billions of dollars in penalties and fines in the US, where the deception was first uncovered. Volkswagen-badged cars were responsible for €900m of the increase, the company said.
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Volkswagen brand recovery helps to power Volkswagen profit rise
Volkswagen brand recovery helps to power Volkswagen profit riseVolkswagen said it still expected to report a full-year group return on sales of between 6 and 7 per cent this year. "Causal factors for the Volkswagen Brand result include the success of new model introductions, particularly the Tiguan, and a strong financial performance in the West European market," Volkswagen said in a statement. Volkswagen said today that first-quarter operating earnings at the VW brand came to around €900 million, up from 73 million in the year-earlier period. "If Q2 continues to do well, we expect VW to increase its full-year guidance in summer," said Evercore ISI analyst Arndt Ellinghorst, who had expected first-quarter group operating profit of around €3.8 billion. DZ Bank analyst Michael Punzet, who has a "hold" recommendation on VW's stock, said he had expected the brand's operating profit to come to around €500 million.Volkswagen admitted criminal charges in the US and senior staff have been arrested there and face trial. with new models such as the Tiguan sports utility vehicle a contributor, along with a "strong" performance in the West European market. Around the world the company still faces a slew of legal battles as drivers, investors and authorities seek redress for Volkswagen's actions. The company has paid billions of dollars in penalties and fines in the US, where the deception was first uncovered. Volkswagen-badged cars were responsible for €900m of the increase, the company said.
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