Volkswagen Q2 Profit Down On Weak Volume; Sees Positive H2, Confirms FY22 View

German automaker Volkswagen AG (VKW.L,VLKAF.PK,VOW.BE) reported Thursday that its second-quarter earnings after tax declined 22.3 percent to 3.91 billion euros from last year's 5.04 billion euros.

Operating profit before special items came in at 4.74 billion euros, down 27.7 percent from last year's 6.55 billion euros.

Sales revenue for the quarter stood at 69.54 billion euros, a 3.3 percent increase over last year's 67.29 billion euros.

In the quarter, deliveries to customers declined 22.4 percent from last year to 1.98 million units. Vehicle sales were 2.01 million units, down 13.5 percent from the prior year. Production also declined 3.5 percent to 2.12 million units.

Looking ahead, Volkswagen said it sees a positive second half ahead, and confirmed its outlook for 2022 after a solid first half as supply constraints ease.

The company said the supply of wiring harnesses has been managed successfully and is mostly back to normal levels.

The product mix is expected to normalize in H2 as the semi-conductor situation improves in combination with a strong order book. A noticeable recovery of the monthly sales towards the end of Q2 additionally bodes well for H2 sales, it said.

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