Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022.
REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSummaryCompanies Now expects operating profit margin on sales of 7.0%-7.3%Keeps outlook for sales, deliveriesTo publish final Q3 results on Oct. 26FRANKFURT, Oct 20 (Reuters) - Volkswagen (VOWG_p.DE) cut its profit margin outlook for the current year on Friday, blaming negative effects from raw materials hedges at the end of the third quarter.
Volkswagen kept its outlook for deliveries and sales, still expecting to hand between 9 million and 9.5 million vehicles to clients this year, while sales are forecast to grow by 10% to 15%.
The carmaker, which is due to release full quarterly figures on Oct. 26, said third-quarter sales grew 12% to 78.8 billion euros, while operating profit was up around 14% at 4.9 billion.
Volkswagen's controlling shareholder, Porsche SE (PSHG_p.DE), specified its 2023 outlook following Volkswagen's warning and now expects group profit after tax in the lower half of the 4.5 billion euro to 6.5 billion euro forecast range.
Persons:
Brendan McDermid, Bernstein, Christoph Steitz, Ilona Wissenbach, Jan Harvey, Rod Nickel, Jonathan Oatis
Organizations:
New York, REUTERS, Volkswagen, Porsche, Thomson
Locations:
Manhattan , New York City, U.S, FRANKFURT, Frankfurt, Slovenia