Sport utility vehicle sales and cost cuts helped Volkswagen, despite a € 1bn court fine, achieve its first-quarter operating profit forecast, pushing its stock up 3.3 percent on Thursday.
EBIT profit fell to 3.9 billion euros ($ 4.37 billion) from $ 4.2 billion in 2018, but was in line with analysts' expectations of 3.92 billion euros.
At the same time, analysts praised Volkswagen's strong EBIT performance against the backdrop of declines in other automakers.
“Comparing to other companies such as Daimler, which saw a 30 percent decline in adjusted operating income, is impressive,” said Metzler analyst Jürgen Pieper.
Volkswagen is sticking to its forecast of sales growth of up to 5% in revenue this year and a sales margin of 6.5-7.5%.
The company has committed € 1 billion for additional legal risks associated with its emissions scandal.
In September 2015, Volkswagen admitted that it had used illegal engine management software to cheat pollution tests in the United States, costing the automaker € 29 billion due to extremely negative global reactions.
Passenger car sales fell 3 percent to 2.55 million vehicles during the quarter, while VW brand vehicle sales were down 4.5 percent, but higher prices and higher SUV sales contributed to the forecast.
