Analyst Note| Richard Hilgert |
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.