Volkswagen Guidance Falls Shy of Estimates -- Market Talk

Dow Jones03-10

0920 GMT - Volkswagen guidance is below consensus expectations, while the main miss in the fourth-quarter results was on EBIT, Bernstein analysts write. The company expects an operating margin of 4%-5.5% and auto net cash flow at 3 billion to 6 billion euros. This is below consensus expectation of a 5.1% margin and auto free cash flow of 5.4 billion euros, the bank says. Fourth-quarter EBIT of 3.46 billion euros is 13% below expectations, largely reflecting a provision that the bank estimates at 600 million euros for U.K. financial regulator's probe into auto lending. Bernstein says the main message is that the company's better-than-expected free cash flow, that was previously announced, was achieved through inventory reduction, lower capital expenditure and lower capitalized research & development. Shares rise 3.5%. (dominic.chopping@wsj.com)

(END) Dow Jones Newswires

March 10, 2026 05:22 ET (09:22 GMT)

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Fourth-quarter EBIT of 3.46 billion euros is 13% below expectations, largely reflecting a provision that the bank estimates at 600 million euros for U.<a href=\"https://laohu8.com/S/TKKD.SI\">K</a>. financial regulator's probe into auto lending. Bernstein says the main message is that the company's better-than-expected free cash flow, that was previously announced, was achieved through inventory reduction, lower capital expenditure and lower capitalized research &amp; development. Shares rise 3.5%. 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