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.

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