Volkswagen shares slumped Friday afternoon as the German automaker released its preliminary results showing virtually flat profit growth last year as it forecast modest sales growth.
Europe’s largest automaker said its operating profit before special items for 2023 rose 0.3% to €22.6 billion on 15.5% revenue growth to €322.3 billion.
Analysts polled by Visible Alpha expected an adjusted operating profit of €22.19 billion on sales of €316.47 billion .
VW said its proposed dividend equals a payout ratio of 28%, below its ambition of 30%.
VW forecast revenue growth of up to 5% next year, and an operating margin between 7% and 7.5%, after that fell to 7% in 2023 from 8.1% in 2022. Analysts polled by Visible Alpha expected revenue of €318.2 billion in 2024, and an operating profit of €22.81 billion.
Volkswagen shares
VOW3,
declined 5% and have dropped 16% over the last 52 weeks.
