Volkswagen Earnings: Revenue Posts Solid Gain, but Margin Results Mixed as Chip Crunch Lessens

No-moat Volkswagen reported second-quarter earnings per share of EUR 6.48, missing the EUR 7.66 FactSet consensus by EUR 1.18 and down EUR 0.98 from the EUR 7.46 reported last year. Even so, consolidated revenue jumped 15% to EUR 80.1 billion from EUR 69.5 billion a year ago, slightly above consensus by EUR 100 million. Industrial revenue increased 16% on strong pricing, mix, and volume partially offset by continued but lessening chip shortage disruption and negative currency effect, while consolidated deliveries increased 18% to 1.6 million versus 1.3 million last year when the chip crunch was much worse.