Volkswagen Posts Emissions-Related Quarterly Loss
Earnings are in reverse. The German automotive giant — reeling from its emissions-cheating scandal — issued a full-year profit warning today, noting a $1.9 billion third-quarter net loss, compared to last year’s $3.2 billion profit. It advised investors that profits will be “down significantly” as the firm pays to crawl out of a deep pothole of costs for its global recall of 11 million cars. But it still forecasted as much as a 4 percent rise in sales revenue, driving up VW shares in early trading.