Audi Reports Stable Quarter Despite Trouble in China

Audi Reports Stable Quarter Despite Trouble in China

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Worldwide sales of Audis were down in the first three months of 2017 as a result of continued difficulties in China. In all, global sales for the company were down 7.3%, though revenue and operating return on sales were both strong.

Although sales in China were down, sales in western Europe and America were at record highs, which helped mitigate the effects of China’s downturn.

Revenue, meanwhile, was close to the prior year’s figure at €1,43 billion, as compared to last year’s €1.45 billion.

“With an operating return on sales of 8.7 percent, we are significantly within our target corridor of 8 to 10 percent at the end of a difficult quarter,” said Axel Strotbek, head of Finance and IT. In fact, this quarter’s operating return on sales is even higher than last year’s, which was 8.3%.

And thanks to its investments, Audi’s profit before taxes is also up €1.4 billion, it far outstrips 2016 Q1 profit of €959 million.

Despite that, Strotbek is still realistic about the coming months.

“We anticipate challenging conditions also in the coming months, but believe we are well prepared for them with our new models and market launches,” he said.

The post Audi Reports Stable Quarter Despite Trouble in China appeared first on Fourtitude.com.

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May 4, 2017 at 04:05AM

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