Free Trial

Volkswagen (A3/BBB+): 1Q24 Results Preview

CONSUMER CYCLICALS

Volkswagen report Q1 tomorrow pre-open; margins in focus


• Consensus sees €74.4bn revenue and €4.8bn adj. operating income, 2% and 16% lower YoY respectively.

• At 4Q23 Volkswagen produced a 2% beat on revenue and EBIT. Equity was disappointed by China performance and higher capex outlook.

• Management guided for 7-7.5% operating margin, €4.5-6.5bn FCF.

• Spreads have been broadly flat vs peers since Q4 results.

• Margins will be in focus with VW absorbing new model costs, EV price pressure and supply chain issues. Most analysts are expected margins to come in below target. China outlook is likely to drive sentiment also.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.