Volkswagen's first-quarter profit surges 95% 8:29a ET April 21, 2010 (MarketWatch) FRANKFURT (MarketWatch) -- German car maker Volkswagen AG reported on Wednesday a 95% surge in first-quarter profit, adding that it expects its deliveries, revenue and operating profit in 2010 to exceed last year's levels.
In the first three months of the year, Volkswagen's after-tax profit climbed to 473 million euros ($635 million) from 243 million euros in the year-ago period.
Wolfsburg, Germany-based Volkswagen said revenue rose 19% to 28.65 billion euros, as deliveries to customers rose 24% to 1.74 million units. Its global market share increased to 11.6%.
Analysts polled by FactSet had expected earnings of 343.8 million euros on sales of 25.89 billion euros.
The group's sales revenue and operating profit for 2010 are expected to exceed the prior-year figures despite a shift in volumes between the markets, while interest and exchange rate volatility will remain a drag on profit.
Volkswagen's preferred non-voting shares rose 2% in afternoon trading on Xetra.
Besides VW cars, the company also produces vehicles from Audi, Skoda, Bentley, Seat, and Scania.
VW's full set of results will be released next week. German companies often pre-release earnings