BERLIN—Volkswagen AG on Tuesday reported higher than expected pretax profit as first-quarter earnings at the namesake VW brand beat expectations on the back of strong sales of new models and cost-cutting. The world's biggest auto maker by sales released a few preliminary figures that show the results of a massive restructuring at the VW brand, the company's biggest business by sales, and revamping of models to tap global demand for...
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The company said Tuesday 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. Volkswagen is scheduled to release full financial details including bottom-line net profit for the first quarter on May 3. It has set aside more than 18 billion euros ($19 billion) to cover the costs of the scandal. The company said in a brief news release that the namesake brand contributed 0.9 billion euros. The statement credited success in holding down fixed costs as well as the successful launch of new vehicles including the Tiguan.
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Volkswagen Profit Jumps as Diesel-Scandal Recovery Accelerates
Operating profit totaled about 4.4 billion euros ($4.7 billion), "significantly higher than market expectations," the Wolfsburg-based manufacturer said Tuesday in a statement. Improving profitability at the VW brand is critical to the group's recovery. The improvement was fueled by surprisingly robust earnings at the VW brand, which surged more than 12-fold to about 900 million euros. That pushed the stock to a 2.7 percent gain this year, valuing the manufacturer at 69.6 billion euros. The updated Tiguan sport utility vehicle and cost reductions helped the VW brand generate a margin of about 3.5 percent, according to an estimate from Evercore ISI.The company said Tuesday 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. Volkswagen is scheduled to release full financial details including bottom-line net profit for the first quarter on May 3. It has set aside more than 18 billion euros ($19 billion) to cover the costs of the scandal. The company said in a brief news release that the namesake brand contributed 0.9 billion euros. The statement credited success in holding down fixed costs as well as the successful launch of new vehicles including the Tiguan.
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