Pursuits
VW Profit Forecast for 2013 Falls Short of Estimates
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Volkswagen AG, Europe’s largest automaker, forecast that 2013 operating profit will match last year’s level, falling short of analysts’ estimates, as the shrinking auto market in its home region weighs on earnings.
Earnings before interest and taxes, which rose 2.1 percent to 11.5 billion euros ($15.2 billion) in 2012, probably won’t increase this year, Wolfsburg, Germany-based Volkswagen said today in a statement. The average estimate of 14 analysts surveyed by Bloomberg is for 2013 profit of 14 billion euros. The shares dropped 7.1 percent, the most since Oct. 4, 2011.