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Volkswagen profit misses consensus by 17.3% in Q1

Volkswagen Aktiengesellschaft said its normalized net income for the first quarter amounted to €3.74 per share, compared with the S&P Capital IQ consensus estimate of €4.52 per share.

EPS decreased 26.6% year over year from €5.10.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €1.87 billion, a decrease of 26.6% from €2.55 billion in the year-earlier period.

The normalized profit margin fell to 3.7% from 4.8% in the year-earlier period.

Total revenue declined year over year to €50.96 billion from €52.73 billion, and total operating expenses fell year over year to €47.70 billion from €49.27 billion.

Reported net income decreased 20.1% year over year to €2.31 billion, or €4.60 per share, from €2.89 billion, or €5.76 per share.