By David Sachs
Volkswagen Group posted lower sales revenue and profit margins in the first quarter on fewer vehicle sales and higher costs, but backed its full-year outlook.
The German carmaker said revenue finished the period at 75.46 billion euros ($80.90 billion) compared with EUR76.2 billion in the first quarter of last year, as vehicle sales slipped 2%. Analysts had expected revenue at EUR75.66 billion, according to the Visible Alpha consensus.
The group's operating result slid 20% to EUR4.59 billion, making for an operating return on sales margin of 6.1%, Volkswagen said. The company posted a margin of 7.5% in the first quarter of last year. After-tax earnings fell about 22% to EUR3.71 billion.
Volkswagen blamed the results on lower sales volumes, higher fixed costs, and an unfavorable regional and model mix.
"As expected, our first-quarter results show a slow start to the year," chief Financial Officer Arno Antlitz said.
Volkswagen Group reported a net cash outflow EUR3.03 billion compared with a positive balance of EUR2.24 billion a year prior.
The company backed its full-year outlook.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
04-30-24 0156ET