VW Production Jumps 28% in Q1
Volkswagen reported a 28% jump in first-quarter operating profit, helped by a return to earnings growth at its core VW brand which has struggled to recover from the German carmaker’s diesel emissions scandal.
Group operating profit during the quarter came to 4.4 billion euros ($4.7 billion), compared with 3.4 billion in the year-earlier period, Automotive News Europe reported on Wednesday.
Volkswagen said on Tuesday that first-quarter operating earnings at the VW brand came to around 900 million euros, up from 73 million in the year-earlier period.
Volkswagen said its other brands, which include Audi and Skoda, also contributed to the good performance but did not provide details.
It said it still expected to report a full-year group return on sales of between 6 and 7 percent this year.
“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 euros.
Volkswagen is due to publish detailed first-quarter financial results on May 3.