By Kim Richters

Volkswagen AG on Thursday posted lower third-quarter earnings and revenue but said that it noticed a clear recovery in the period, and backed its guidance for the full year.

The German car maker posted a net profit of 2.58 billion euros ($3.03 billion), compared with EUR3.79 billion for the same period last year.

It was expected to report a quarterly profit of EUR2.75 billion, according to a consensus forecast based on three analyst estimates provided by FactSet.

Operating profit for the period ended Sept. 30 fell to EUR3.18 billion from EUR4.54 billion, while sales declined to EUR59.36 billion from EUR61.42 billion.

Volkswagen said its "business was heavily impacted by the Covid-19 pandemic in first nine months of 2020, but recovered noticeably in the third quarter."

Analysts had expected an operating profit of EUR2.92 billion and sales of EUR59.21 billion, according to a consensus estimate provided by Factset and based on eight analyst forecasts.

For the full year, Volkswagen confirmed its previous expectations, with 2020 sales forecast to be significantly below that of the previous year. It also continues to see both operating profit before special items and operating profit including special items severely lower than that of 2019 but still positive.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

October 29, 2020 03:27 ET (07:27 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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