Volkswagen's Profit Soars in 2007
BERLIN — Volkswagen AG, Europe's biggest automaker, said Friday that its profit climbed about 50 percent in 2007 as it sold a company record of almost 6.2 million cars worldwide.
The Wolfsburg-based company said it expects to beat the sales total this year.
Volkswagen earned 4.12 billion euros ($6.2 billion) last year compared with 2.75 billion euros in 2006. That beat the 3.9 billion euros ($5.92 billion) that analysts polled by Dow Jones Newswires had forecast.
Its sales rose almost 4 percent to 108.9 billion euros ($165.2 billion) from 104.8 billion euros in 2006. Analysts expected sales of 109.8 billion euros ($166.5 billion).
Its pretax profit rose to 6.5 billion ($9.8 billion), well above the goal of 5.1 billion euros ($7.74 billion) originally planned for 2008.
The company did not release fourth-quarter figures but is scheduled to release complete 2007 results on March 13.
Volkswagen, whose brands include Audi, Skoda, Seat, Lamborghini and Bentley, said it sold just below 6.2 million cars in 2007, up almost 8 percent from the 5.7 million sold in 2006.
The company said it plans to offer a dividend of 1.80 euros ($2.73) to its shareholders.
Looking ahead, Volkswagen said it expects to increase its overall sales across all of its brands this year.
"In 2008, almost all brands will again present attractive new models, enabling us to selectively complement the group's product portfolio and move into further market segments," the company said in a statement. "We therefore expect deliveries to customers to exceed the record set in 2007, with sales figures rising in the Asia-Pacific and Central and Eastern Europe regions in particular."
Shares of Volkswagen rose 0.03 percent to 149.99 euros ($227.49) in trading Friday in Frankfurt.
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MATT MOORE | February 29, 2008 12:13 PM EST |
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