Volkswagen increased sales and profits significantly in the third quarter. The Wolfsburg-based car manufacturer announced in a mandatory announcement on Friday that the operating result amounted to 4.9 billion euros based on preliminary figures. A year ago, earnings before taxes and interest (EBIT) were 4.3 billion euros.
Operating result weaker than expected
Sales rose by twelve percent to 78.8 billion euros from July to September, VW also announced. Sales were better and operating results were weaker than analysts expected. According to data from LSEG, experts forecast an average turnover of 77.1 billion euros and an EBIT of 5.5 billion euros.
The group had to update the forecast for the 2023 financial year. For the current year, the car manufacturer only expects an operating result, adjusted for special effects, of around 22.5 billion euros.
The board had previously forecast an operating margin of 7.5 to 8.5 percent with sales growth of 10 to 15 percent compared to the previous year. The board cited effects amounting to 2.5 billion euros that could no longer be made up as the reason. “The further development of the raw material markets remains unpredictable,” said the company.
VW is sticking to its delivery target
The company continues to hold on to the promised increase in revenue, as well as to the delivery target of 9 and 9.5 million vehicles that was capped in the summer. Volkswagen plans to present the full figures on October 26th.