Porsche Clocks 25% Jump In Q1 Revenue, Representing Strong Start In Its Anniversary Year

Porsche AG DRPRY reported first-quarter FY23 revenue growth of 25.5% year-on-year to €10.1 billion.
Gross profit for the quarter rose 28.8% Y/Y to €2.8 billion with a gross margin of 27.8%.
The operating profit for the quarter increased 25.4% to €1.8 billion.
Deliveries increased by 18% to 80,767 vehicles in the first quarter of 2023.
Diluted EPS was €1.54 compared to an EPS of €1.10 last year.
Porsche held €2.9 billion in cash and equivalents as of March 31, 2023.
"Markets around the world remain volatile – so we're all the more satisfied with our figures. The significant growth is due to a number of factors: higher Group sales, continued positive pricing and mix effects. We keep driving our strategy of modern luxury forward, in the interest of our customers," said Lutz Meschke, Deputy Chairman of the Executive Board and Board Member for Finance and IT at Porsche AG.
Outlook: Despite challenging circumstances worldwide, Porsche reaffirmed its targets for 2023. The assumption for Group sales revenue lies in the corridor of €40 billion-€42 billion.
"In the long run, we are aiming for a Group operating return on sales of more than 20 per cent," added Lutz Meschke.
Price Action: DRPRY shares closed at $12.20 on Tuesday.

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