Reviews VW shares make up ground in the pre-trading session: Volkswagen achieves profit of billions again thanks to market recovery

10:55  29 october  2020
10:55  29 october  2020 Source:   finanzen.net

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Volkswagen has again achieved billions in profit in the third quarter thanks to a noticeable recovery in the automobile markets in September and cost-cutting measures.

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Both sales and operating profit were sometimes well above market expectations. In view of the market slump in spring and the rather gloomy outlook for the coming months, the outlook for the year as a whole remains bleak.

According to the quarterly report, sales of the twelve-brand group and also sales should drop significantly. The operating result before and including special items is likely to decline "seriously", according to the Wolfsburg-based group. VW still rules out a loss.

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Pre - Market . Earnings Calendar. Americas. FRANKFURT (Reuters) - Prosecutors in the German city of Stuttgart have dropped a market manipulation investigation into former Volkswagen (DE:VOWG_p) chief executive Martin Winterkorn, deferring to a criminal case against him in the city of Braunschweig.

Net Profit Adjusted. Pre -Tax Profit . Volkswagen AG engages in the production and sale of passenger cars and light commercial vehicles. Updated daily, it takes into account day-to-day movements in market value compared to a company’s liability structure.

In the past three months, sales fell slightly to 59.4 billion from 61.4 billion euros. Analysts had only expected 58.9 billion euros. The operating profit before special items also declined in the quarter, but was at 3.2 billion euros after 4.8 billion euros in the previous year, well above the estimates of 2.85 billion euros.

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Volkswagen make up some ground after quarterly figures

The advantages of Volkswagen have made up for part of their significant previous day's losses in pre-market Thursday trading. On Tradegate, according to quarterly figures, they temporarily gained one and a half percent at the XETRA close to 127.38 euros.

The carmaker's quarterly figures have slightly exceeded the recently increased expectations, wrote Jefferies analyst Philippe Houchois in an initial assessment. Compared to the sector recovery, however, the development is subdued.

The day before, in the very weak market environment, the shares had slumped a little more than the DAX with a minus of almost five percent, but found support again at a little under 125 euros.FRANKFURT (Dow Jones / dpa-AFX Broker)

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