Volkswagen on the shields in Frankfurt after the publication of the accounts. In fact, the shares of the German automotive giant gain 3% to 164,2 euros compared to -0,25% in the Dax 30.
The Wolfsburg house closed the first quarter of 2019 with results above expectations. In details, operating profit it fell 7% to 3,9 billion euros due to "exceptional charges" relating to "legal risks of over one billion euros", reads the group note. Without these "charges", operating profit would have risen by 14% to 4,85 billion. The gross profit instead, it fell to 4,1 billion, from 4,5 billion in the first quarter of 2018.
Growing the revenues, which rose by 3,1% to 60 billion euros, despite the 2,8% drop in vehicles sold between January and March. Net liquidity of the Automotive division amounts to 16 billion.
Volkswagen also confirmed “goals for 2019 for customer deliveries, sales revenue and operating profit before special items,” the company note reads. In detail, management expects an increase in sales revenues of 5%, forecasting an operating profitability of between 6,5 and 7%.
“The group is off to a good start again this year – he commented Frank Witter, Chief financial officer -. Sales revenue performance and earnings growth in the first three months of the current fiscal year are encouraging. But we need to keep picking up the pace as far as our transformation is concerned.”
