Volkswagen: revises outlook as profits double in Q3
(CercleFinance.com) - Volkswagen has announced that Q3 sales reached E78.
8bn, up 11.6% y-o-y.
At the same time, operating income rose by 14.9% to E4.89bn, while profit after tax more than doubled in one year, from E2.13bn to E4.34bn in Q3.
At the end of Q3 2023, the order backlog remained high at 1.4 million vehicles in Western Europe alone. The Automotive Division's net cash remains very solid at E36.7bn.
Overall, management says that it is on the right track and increased sales volumes and revenues further in Q3. However, it is not satisfied with profitability, which in Q3 fell short of its ambitious targets.
In terms of its outlook the company continues to forecast customer deliveries of 9 to 9.5 million vehicles in 2023, with sales up by 10%-15%.
However, the car maker points out that future trends in raw materials markets remain unpredictable, and it no longer expects to be able to offset these effects of -E2.5bn in its operating income.
VW now expects FY 2023 operating profit of around the previous year's level before exceptional items (i.e. around E22.5bn).
Copyright (c) 2023 CercleFinance.com. All rights reserved.