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Volkswagen Q3 Results Whacked by Chip Crunch, Reduces 2021 Guidance; Maintaining EUR 340 FVE

Senior Equity Analyst Richard Hilgert

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert | Oct 29, 2021

No-moat rated Volkswagen reported third-quarter 2021 earnings per preferred share, or EPS, of EUR 5.51, beating the EUR 4.51 FactSet consensus EPS by EUR 1.00 and EUR 0.39 higher than EUR 5.12 reported last year. Even so, consolidated revenue dipped 4% to EUR 56.9 billion from EUR 59.4 billion a year ago. Revenue was 2.5% above the FactSet consensus estimate. Automotive revenue declined 5% to EUR 45.8 billion from EUR 48.3 billion in 2020 while deliveries excluding China JV units plunged 24% to 1.2 million versus 1.5 million a year ago due to the chip crunch.

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Company Profile

Business Description

Volkswagen is one of the world's largest automotive manufacturers. Automotive brands include Volkswagen passenger cars, Audi, Bentley, Bugatti, Lamborghini, Porsche, SEAT, and Skoda. Commercial vehicle brands include MAN, Navistar, Scania, and Volkswagen. The company's financial services group provides dealer financing to support floor plans, consumer financing for vehicle purchases, vehicle leasing, banking, and other financial services.

Contact

Berliner Ring 2
Wolfsburg, NI, 38440, Germany

T +49 536190

investor.relations@volkswagen.de

www.volkswagen.com

Sector Consumer Cyclical

Industry Auto Manufacturers

Most Recent Earnings Sep 30, 2021

Fiscal Year End Dec 31, 2021

Stock Type —

Employees 645,318

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