Porsche Taycan Turbo all-electric.
Source: Porsche AG
Luxury car manufacturer Porsche AG Kab published an ambitious long-term outlook of more than 20% return on sales, after posting a record 2022 earnings on Monday with higher shipments.
The automaker said operating profit rose 27% to 6.77 billion euros ($7.23 billion) last year, while deliveries rose 2.6% to 309,884 units.
The company proposes a dividend of 1.00 euros per ordinary share and 1.01 euros per preferred share. It publishes its continued growth guidance for the medium and long term:
“If the challenging economic situation does not intensify, we expect a return on Group operating sales for the financial year 2023 in the range of 17 to 19 percent,” said Lutz Meschke, vice chairman and member of the executive board for finance and IT.
Medium-term guidance is based on sales revenue of between 40 and 42 billion euros.
Meschke added, “In the long term, we aim to increase the Group’s operations in terms of sales by more than 20 percent.”
Porsche represents a substantial part of the profits for the Volkswagen Group, and exceeded Volkswagen as Europe’s most valuable car during the first week on the German stock market after listing on September 29 last. Volkswagen still owns 75% minus one ordinary share of Porsche’s total capital.
Volkswagen is due to report earnings Tuesday.
Shares of Porsche fell 2.2% in early trade Monday while Volkswagen fell 2.5%, but the two companies remain up about 10% and 14% since the start of 2023.