Volkswagen Posts Upbeat Q1 Profit

Volkswagen AG

reported a 10% gain in its operating profit for the January to March quarter. Volkswagen's quarterly operating profit climbed to €3.21 billion ($4.24 billion), from €2.91 billion, in the year-earlier period. Its pretax profit surged 93% to €4.3 billion from €2.22 billion. Volkswagen's sales surged to €47.33 billion from €37.47 billion. However, analysts were expecting an operating profit of €2.72 billion, pretax profit of €2.9 billion and sales of €44.4 billion. Volkswagen shares closed at $30.61 yesterday.