logo
  

Volkswagen Q1 Profit Surges

Volkswagen (VKW.L) on Wednesday reported earnings before tax of 8.895 billion euros in the first quarter, 99.3% up from 4.463 billion euros in the same quarter a year ago.

The increased profit reflects other operating income of 3.428 billion euros in the latest quarter, compared with expense of 526 million euros last year.

Earnings for the quarter increased to 6.555 billion euros or 13.05 euros per share compared with 3.244 billion euros or 6.45 euros per share in the previous year.

Sales revenue was 62.742 billion, nearly flat compared with 62.376 billion euros in the year-earlier period.

Volkswagen said deliveries in the quarter were substantially down year-on-year at 1.9 million vehicles compared with 2.4 million, due to parts and supply shortages.

Looking forward, the company sees 5%-10% year-over-year growth in vehicle deliveries in 2022.

Further, the company expects sales revenue for Volkswagen group in 2022 to be 8%-13% higher than the prior year.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
MTD Products Inc. is recalling 1,774 units of walk-behind self-propelled lawn mowers for potential risk of fire hazard, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed. The company said the lawn mower can leak fuel when it is stored in the upright (vertical) storage position to pose a fire hazard. Nike Inc. announced its plans to exit the Russian market completely following Russia's ongoing war against Ukraine, reports said. The sportswear major, with more than 100 stores in the country, had suspended operations there in March. Earlier in March, while suspending operations temporarily, the company had said its customers that it couldn't guarantee product shipments. The U.S. Food and Drug Administration unveiled its action plan to advance drug development for rare neurodegenerative diseases, including Amyotrophic Lateral Sclerosis or ALS, in five years. The FDA plans specific actions such as regulatory science initiatives, enhancements to existing programs and new policy initiatives for the purpose. It will use public-private partnerships...
Follow RTT