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Volkswagen:Quarterly Results/2023 Q1: Difference between revisions
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''See also: [[Volkswagen]] | [[Volkswagen:Quarterly Results]] | [[Earnings Season:2023 Q1]]'' | ''See also: [[Volkswagen]] | [[Volkswagen:Quarterly Results]] | [[Earnings Season:2023 Q1]]'' | ||
== Results == | |||
Volkswagen posted impressive results<ref>https://www.volkswagenag.com/en/news/2023/05/volkswagen-group-makes-solid-start-to-fiscal-year-2023.html</ref>. Here is the summary. | |||
* Volkswagen Q1 2023 revenue grew 22% year-over-year to 76 billion euros ($84.22 billion), above analysts estimate of 71.88 billion euros(+14.64%). | |||
* Operating profit decreased 31% y/y to 5.7 billion euros due to "due to negative non-cash effects mainly from commodity hedging outside hedge accounting of EUR 1.3 billion in Q1 2023." This was above analyst estimates of 5.48 billion euros. | |||
* Operating margin increased to 9.3%, "and was therefore above the forecast target corridor for the Volkswagen Group of 7.5 to 8.5 percent." | |||
* Volkswagen said the rise in revenue was attributed to growth in Europe and North America. | |||
* The company confirmed its outlook for 2023. "Volkswagen Group has made an encouraging start to 2023. We saw strong growth in revenues and operating profit before the non-cash valuation effects from commodity hedging. With this solid performance and an order book of 1.8 million vehicles at the end of Q1, we confirm our financial outlook for 2023," CFO and COO Arno Antlitz said. | |||
* They are confident that China deliveries will recover. "The company is confident that the deliveries in this region can recover throughout the year on the broadened model offering and China-specific technology," the statement said. | |||
== Analysts Estimate == | == Analysts Estimate == | ||