Volkswagen Profit Jumps 22% in First Quarter

By Karin Sun on 29 April 2014
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The seventh-generation VW Golf TDI

The seventh-generation VW Golf TDI

The Volkswagen Group announced financial results for the first quarter of 2014.

The company’s total revenue was €47.8 billion ($66.1 billion), a year-over-year increase of 2.7% from €46.6 billion in the first quarter of 2013. Total operating profit for the company was €2.9 billion, a 21.8% increase from €2.3 billion last year.

Total worldwide deliveries were up 6.2%, with four brands seeing double digit increases: Audi (11.7%), Škoda (12.1%), Bentley (16.6%), and Bugatti (14.3%).  Meanwhile, Seat had a 7.3% increase, and Porsche saw a 4.5% increase in worldwide deliveries.

Operating profit for the company’s Bentley, Škoda, and Porsche brands showed the greatest improvement in the first quarter. Profit for Bentley was €45 million, a year-over-year increase of 65.7% from 27 million. Profit for Škoda was €185 million in the first quarter, an increase of 65.2% from €112 million last year. Profit for the Porsche brand was €698 million, an increase of 21.8% from €573 million last year.

First-quarter profit for the Audi brand stayed the same year-over-year at €1.3 billion, as did profit for Volkswagen Financial Services, which stayed level at €353 million. Profit for Volkswagen Passenger Cars, on the other hand, decreased to €440 million from €590 million in the first quarter of 2013.

Operating loss for the Seat brand shrank to €36 million in the first quarter, an improvement of €10 million from an operating loss of €46 million in the same period last year.

Volkswagen said it expects total revenue for 2014 to be plus-or-minus 3% from last year’s figure.

(Photo: Accura Media Group)