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Porsche shares edge lower despite record earnings, revenue in 2022

Published 13/03/2023, 10:42 pm
© Reuters.

By Scott Kanowsky 

Investing.com -- Shares in Porsche AG (ETR:P911_p) dipped on Monday, but remained well above its debut price of €82.50 (€1 = $1.0663), as the German sports car maker posted record earnings and revenue in 2022 thanks to higher deliveries and cost controls.

The brand, which surpassed Volkswagen (ETR:VOWG_p) as Europe's most valuable automaker shortly after its shares were publicly listed in September, reported annual operating profit of €6.77 billion - a rise of 27% compared to 2021. Revenue also jumped by nearly a sixth to €37.63B.

However, both of those figures were below Bloomberg consensus expectations that called for income of €6.95B and sales of €38.37B.

Deliveries increased by 2.6% to 309,884 vehicles, although Porsche faced ongoing challenges related to supply chain disruptions, the war in Ukraine, and lingering pandemic-era restrictions.

“Our success factors are improved price positioning, the strong product mix, the increase in vehicle sales, exchange rate effects, and our strict cost discipline,” said deputy chairman Lutz Meschke in a statement.

Looking ahead, the Stuttgart-based business forecast return on sales of between 17% and 19% in 2023, while revenue was pegged at €40B to €42B. Estimates had placed the margin number at 17.9% and sales at €40.33B.


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