By David Sachs

Volkswagen Group on Thursday reported higher revenue but lower aftertax earnings for the second quarter, and confirmed its 2023 outlook.

The German car maker said aftertax profit was 3.79 billion euros ($4.20 billion), compared with EUR3.91 billion in the second quarter of last year. Pretax earnings were EUR5.45 billion, up from EUR5.14 billion, and revenue grew to EUR80.06 billion from EUR69.50 billion.

Operating profit reached EUR5.60 billion, up EUR4.49 billion from a year before, with a margin of 7%. The company's margin was 6.8% in the second quarter of 2022.

Volkswagen confirmed its overall guidance for the full year, but lowered its deliveries target to between 9 million and 9.5 million vehicles from 9.5 million. The car giant is aiming for revenue growth between 10% and 15% and an operating return on sales between 7.5% and 8.5%

"As anticipated, supply chain disruptions have continued to ease in H1 2023, with pressure shifting from semiconductor shortages to transportation and logistics delays," the company said. "[The second half] should be supported by lower raw material costs and gradually easing logistical bottlenecks."

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

July 27, 2023 01:56 ET (05:56 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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