Volkswagen's Q3 Earnings Slump Amid Supply Chain Woes

Volkswagen Group has said it “cannot be satisfied” with its profitability, as it missed third quarter targets due to hedging losses and supply chain disruption. Profits declined seven percent in the first nine months of the year, to sit at €16.2bn £14.1bn. The German carmaker attributed the development to “negative valuation effects” from commodity hedging, which led to a €2.5bn loss in the third quarter, and lowered its full-year profit margin forecast.

Flooding in Slovenia, which forced the closure of its suppliers’ plants for weeks, has also dented third quarter performance and slowed manufacturing in its German factories. Volkswagen shares dipped earlier this week after a pre-announcement of the fall in third quarter earnings, which sparked concern among analysts. A Citi analyst note read “We had not expected this magnitude of deterioration.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hess Beats Q3 Earnings Estimates Ahead Of Acquisition By ChevronHess Corporation, after announcing it had agreed to be acquired by supermajor Chevron, has now beaten analyst estimates for its third quarter earnings.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Earnings DisclaimerVideogamer.com is dedicated to bringing the best gaming news guides and product recommendations possible to its readers. In order to do this, we are members of several affiliate sales networks. That means that when you click through to a retailer’s website from our site, we may receive a commission for sending you there.
Source: VideoGamerCom - 🏆 83. / 55 Read more »

U.S. Refiner Valero Beats Q3 Earnings Estimates On Strong SalesValero Energy reported higher-than-expected profits for the third quarter thanks to strong product demand in the United States.
Source: OilandEnergy - 🏆 34. / 68 Read more »

ScottishPower reports earnings jump as Ofgem allows companies to recover lossesThe energy firm said it had 4.6 million customers at the end of September, unchanged from March.
Source: Observer_Owl - 🏆 18. / 72 Read more »

ScottishPower reports earnings jump as Ofgem allows companies to recover lossesThe energy firm said it had 4.6 million customers at the end of September, unchanged from March.
Source: Glasgow_Times - 🏆 76. / 59 Read more »