Porsche AG has confirmed its 2023 guidance after experiencing a boost in revenue and operating profit during the first half of the year.
Increased Revenue and Operating Profit
During the first half of 2023, Porsche AG saw its revenue grow to 20.43 billion euros ($22.59 billion), up from EUR17.92 billion compared to the same period in 2022. The company’s operating profit also saw a rise, reaching EUR3.85 billion as opposed to EUR3.48 billion in the previous year. However, the operating return on sales slightly decreased from 19.4% to 18.9%.
Automotive Cash Flow Decrease
Porsche AG reported a 7.2% decline in free automotive cash flow, which amounted to EUR2.22 billion. This decrease can be attributed to investments made in products and innovation by the company. Despite this, the company managed to deliver 167,354 vehicles to customers, showing a 15% growth compared to the previous year.
2023 Guidance
Taking into account the potential impact of macroeconomic conditions and supply chains, Porsche AG has confirmed its 2023 guidance. The company aims to achieve an operating return on sales ranging between 17% and 19%. Additionally, it expects its revenue for the year to fall within the range of EUR40 billion to EUR42 billion.
