Bloomberg Originals
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VW Diesel Dupe Hits Q3 Profits Hard
Posted
October 28, 2015
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October 28, 2015
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2:44Now PlayingOctober 28 -- Volkswagen AG posted a 3.48 billion-euro ($3.85 billion) third-quarter loss, its first in more than 15 years, and said full-year earnings will come in significantly below last year’s level amid the diesel emissions scandal. The operating loss, which compared with a 3.23 billion-euro profit a year ago, was wider than the 3.27 billion-euro deficit estimated on average by 11 analysts surveyed by Bloomberg. The company acknowledged prior to the Wednesday results that the provisions it set aside in the third quarter won’t cover the full cost of lawsuits, fines and repairs for 11 million vehicles fitted with software to rig diesel emissions tests.
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