Volkswagen (pref) : Q3 weak but not more than feared, focus on restructuring discussions ahead
>Q3 not as bad as feared, at least at Core group level and for FCF - VW’s Q3 2024 earnings, released this morning, came in slightly below consensus expectations at the operating level (-2.5% at the EBIT level, RoS at 3.6% vs 3.9%) despite higher revenues (€ 78.5bn, +4% vs consensus) but much higher for FCF (€ 3.4bn vs €1.7bn consensus, WC support), also leading to a better NIL position (€ 34.4bn vs € 32.7bn end-Q3). However, the EBIT miss can be seen as attributable...Volkswagen the parent company of the Volkswagen Group. It develops vehicles and components for the Group's brands, and produces and sells vehicles such as passenger cars and light commercial vehicles for the Volkswagen Passenger Cars and Volkswagen Commercial Vehicles brands. In the electricity sector, Co. performs electricity generation, sales and distribution together with a Group subsidiary. Western Europe, China, Brazil, the U.S., Russia, Mexico and Argentina are the key markets of the Group. The automotive division comprises the passenger cars, commercial vehicles, and power engineering segments, while the financial services division corresponds to the financial services segment.
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