Analyst Note
| Richard Hilgert |No-moat-rated Volkswagen reported first-quarter 2022 earnings per share of EUR 13.11, beating the EUR 10.35 FactSet consensus by EUR 2.76 and EUR 6.61 ahead of the EUR 6.51 reported last year. Consolidated revenue edged 1% higher to EUR 62.7 billion from EUR 62.4 billion a year ago, beating consensus by 2.5%. Automotive revenue slipped 1% to EUR 51.2 billion from EUR 51.5 billion in 2021 while consolidated deliveries plunged 20% to 1.2 million versus 1.5 million a year ago due to the Ukraine crisis, chip shortage, and China's COVID-19 lockdowns.