German carmaker Volkswagen beat forecasts after it reported stronger-than-expected net profit for the third quarter this year.
The company posted a net profit of 2.7 billion euros in the third quarter of 2018. Analysts were expecting a net income of 2.29 billion euros for the third quarter of 2018, according to data firm Refinitiv.
In the same period last year, the auto giant reported a net income of 1.1 billion euros.
Here are some key highlights of the third-quarter:
- Group sales revenue rise by 2.7 percent
- The operating profit remained at 13.3 billion euros – the same level as last year
- VW Q3 vehicle deliveries down 3.6 pct
Earlier this year, Volkswagen saw its earnings hit by a 1 billion euro fine for its cheating around diesel emissions regulations and a further 600 million euros hit for legal expenses, the company said during its second-quarter results in August.
Shares in Volkswagen rose 2.9 percent in early Frankfurt trade, putting them among the biggest gainers on Germany’s blue-chip DAX index, according to Reuters.
