News Summary: Europe weighs on VW revenue

Volkswagen sees 1st-quarter profit fall as weak European economy hurts revenue

Associated Press

VOLKSHURTING: The Volkswagen group, whose other brands include Audi, Skoda and Seat, saw its revenue fall 1.6 percent to 46.6 billion euros from 47.3 billion euros during the first quarter due to the economic fallout in Europe. The continent's biggest automaker said it earned $3.15 billion, a reduction of about a third compared with last year.

BRIGHT FUTURE: But Volkswagen AG reaffirmed its full-year earnings outlook, forecasting revenue will exceed 2012 and vehicle deliveries to customers will increase.

OVERSEAS SALES: the company did benefit from increasing sales in North America and Asia and the number of vehicles delivered worldwide rose 4.8 percent to 2.3 million.

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