Volkswagen posted Wednesday a surge in first-quarter profit, benefiting mainly from commodity hedging activities.
Net profit attributable to shareholders was 6.56 billion euros ($6.90 billion) or 13.05 euros per share, compared with 3.24 billion euros or 6.51 euros per share. Consensus estimates compiled by Visible Alpha were expecting 4.93 billion euros or 10.66 euros per share.
Sales revenue, meanwhile, came in at 62.74 billion euros, which is a 0.6% growth year over year. It is also below the analysts estimate of 64.0 billion euros.
The group's 2022 outlook was confirmed but noted that it is yet to finalize its assessment of the effect of the Russia-Ukraine war on its fiscal results. Deliveries are expected to rise between 5% and 10% year over year, while group sales revenue would grow 8% to 13%.