Luxury always sells better in the car. The German group Porsche closed the first quarter with an operating profit of 1.84 billion euros, up 25.4% compared to the same period last year while revenues increased by 25%, just over 10 billion euros (8.04 billion in 2022). Return on sales was 18.2%, identical to a year ago. Shipments to customers in the first quarter increased by 18% compared to the previous year, reaching 80,767 units, a quarter of which sold in China (over 21,000).
Porsche also confirmed its 2023 guidance after reporting a higher-than-expected profit in the first quarter due to rising sales and strong pricing and product mix. “Markets around the world remain volatile, so we are even happier with our data,” said Chief Financial Officer Lutz Meschke.
The company confirmed its 2023 targets and said it expects an operating return on sales of 17%-19% on sales expected to rise to around €40-42 billion. To achieve these goals, Porsche will raise prices between 4% and 8% in Europe and the United States in the second half of the year. Not least because higher costs weighed on returns in the first quarter, the Stuttgart-based company said. Porsche is still having problems with the supply of semiconductors and parts for the electric Taycan’s high-voltage heating system, Meschke said, but expects these to ease in the coming months.
Title in red by one point at 15.19 after having touched -3%. The capitalization of Porsche Ag fell below 100 billion euros (99.98) with the title at 109.75 euros after highs for the year at 118.95. (Al.An.)
