Scandal-plagued Volkswagen sees sales rise – Allentown Morning Call

Posted: Wednesday, May 03, 2017

FRANKFURT, Germany — German automaker Volkswagen saw its first quarter profit jump 44 percent as it focused on selling more profitable models and worked past its scandal over diesel cars rigged to cheat on emissions tests.

Costs and fines from the scandal that emerged in Sept. 2015 have dinged Volkswagen’s large cash pile but the chief financial officer said Wednesday that the company was solid enough to handle added costs this year. Volkswagen also reaffirmed its profit goal for the full year.

After-tax profit rose to 3.4 billion euros ($3.7 billion) from 2.4 billion euros in the year-earlier quarter. The result beat the 3.1 billion euros expected by analysts surveyed by financial information provider FactSet.

Revenues, meanwhile, rose 10 percent to 56.2 billion euros.


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