Volkswagen earnings rise in stronger European economy – Sacramento Bee
Volkswagen’s profit more than doubled in the second quarter as the German carmaker benefited from a growing European economy and moved past one-time costs for its diesel emissions scandal in the U.S.
After-tax profit rose to 3.2 billion euros ($3.7 billion) from 1.2 billion in the same quarter a year earlier.
Last year’s result was burdened by 2.2 billion euros in costs from the diesel scandal. No such one-time charges were reported for this year’s quarter.
Despite the rise, the profit was short of the 3.3 billion euros foreseen by market analysts as compiled by financial information provider FactSet.
Sales for the group and all its brands, which include Volkswagen, Audi, SEAT, Skoda, Bentley and Lamborghini, rose 4.7 percent to 59.7 billion euros.