Volkswagen: 2022 forecasts maintained after solid quarter
(CercleFinance.com) - On Wednesday Volkswagen stuck to its FY targets after posting almost a 75% leap in its operating profit in the first three months of the year.
The leading European automotive group confirmed that it expects vehicle sales should of 5% to 10% in 2022, with sales up by 8% to 13% and an operating margin of 7% to 8.5%.
Already known, Q1 operating profit reached 8.5 billion euros, compared with 4.8 billion euros in Q1 2021.
While revenues remained prettly stable at 62.7 billion euros, it explained that it had benefited from cost reductions as well as a favourable mix of vehicle sales.
Sales of Porsche and premium brands came as a pleasant surprise, analysts at Stifel noted this morning, who also welcomed the German manufacturer's stable outlook.
In Frankfurt, Volkswagen shares, which have lost nearly 15% YTD, were up just 0.4% at around 9.50am, although were outperforming the European STOXX automotive sector index, which was down 0.2% at the same time.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The leading European automotive group confirmed that it expects vehicle sales should of 5% to 10% in 2022, with sales up by 8% to 13% and an operating margin of 7% to 8.5%.
Already known, Q1 operating profit reached 8.5 billion euros, compared with 4.8 billion euros in Q1 2021.
While revenues remained prettly stable at 62.7 billion euros, it explained that it had benefited from cost reductions as well as a favourable mix of vehicle sales.
Sales of Porsche and premium brands came as a pleasant surprise, analysts at Stifel noted this morning, who also welcomed the German manufacturer's stable outlook.
In Frankfurt, Volkswagen shares, which have lost nearly 15% YTD, were up just 0.4% at around 9.50am, although were outperforming the European STOXX automotive sector index, which was down 0.2% at the same time.
Copyright (c) 2022 CercleFinance.com. All rights reserved.