Volkswagen says profits rise 56 percent, reaffirms outlook for year

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FRANKFURT, Germany — Automaker Volkswagen AG says that net profit jumped 56 percent in the third quarter as the company sees continuing sales growth in China and Europe.

The company reaffirmed its profit targets for the year but said Thursday global auto markets would remain dominated by political and economic uncertainty.

Net profit rose to 2.97 billion euros ($3.8 billion) from 1.91 billion euros in the same quarter a year ago. Sales revenue rose 4.1 percent to 48.9 billion euros ($62.4 billion).

Volkswagen saw a notable rebound in sales in its home market, Germany, where it sold 11.4 percent more vehicles.

Its profits beat analyst expectations for 2.43 billion euros ($3.1 billion). Company shares rose 1.23 percent to 164.50 euros ($209.92).

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