Volkswagen profit hikes 41%

Investor's Business Daily

The German carmaker's net profit jumped 41% in '12 to $28.7 bil. Shares fell 5% because that was a bit short of analyst views and the company issued a cautious '13 forecast. Earnings were lifted by an accounting boost from a complex deal that made Porsche one of Volkswagen's (VLKAY) 12 brands. Sales rose 21% to $254 bil as the company delivered nearly 9.3 mil vehicles globally, topping 9 mil for the 1st time, a 12.2% increase from the prior year. Volkswagen didn't break out quarterly figures.

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