Volkswagen:Quarterly Results/2023 Q2: Difference between revisions

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 == Earnings Results ==
-Volkswagen Group Q2 2023 earnings results were sub-par<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-posts-solid-h1-results-and-strengthens-strategic-position-in-china-17440</ref>.
-* Q2 revenue grew by 15.2% y/y to 80.059 billion euros versus analysts estimate of 80.25 billion euros(+15.4% y/y).
+==== Thoughts: ====
+Volkswagen Group Q2 2023 earnings results were sub-par. Investors may not like the results given that its European competitors reported better results/raised guidance. Mercedez raised its profit outlook while Stellantis and Renault posted better-than expected margins<ref>https://www.reuters.com/business/autos-transportation/mercedes-benz-raises-annual-earnings-forecast-2023-07-26/
+https://www.reuters.com/business/autos-transportation/stellantis-operating-profit-rises-11-h1-topping-forecasts-2023-07-26/
+https://www.bloomberg.com/news/articles/2023-07-27/renault-s-margin-rises-to-record-on-strong-car-demand-prices</ref>.
+==== Summary of the results ====
+* Q2 revenue grew by 15.2% y/y to 80.059 billion euros versus analysts estimate of 80.25 billion euros(+15.4% y/y)<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-posts-solid-h1-results-and-strengthens-strategic-position-in-china-17440</ref>.
 * Operating return on sales was 7% versus 7.3% estimate.
+* Unadjusted operating margin for H1 was 8.9%, above the guidance range of 7.5-8.5%.
 * Operating profit was 5.6 billion euros below analysts estimate of 5.9 billion euros.
 * Volkswagen’s net cash flow declined by 72% y/y to 226 million euros during the quarter. In H1, net cash flow declined by 8% to 2.5 billion euros due to continuing bottlenecks in the logistics chains.