Porsche AG posts Q1 profit drop on ramp-up costs [Yahoo! Finance]
PORSCHE AUTOMBL UNSP/ADR (POAHY)
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Source: Yahoo! Finance
Operating profit in the first three months of 2024 came in at 1.28 billion euros ($1.37 billion), in line with an LSEG estimate, while sales for the period stood at 9.01 billion, beating the 8.77 billion forecast. "In a challenging environment, we are staying on course and resolutely pursuing our strategy," Porsche AG CEO Oliver Blume, who also heads Porsche's parent Volkswagen, said in a statement. German carmakers are struggling to revive Chinese demand, with deliveries to their largest market falling at competitors BMW and Mercedes, and Porsche recording a 24% slump in quarterly deliveries. Porsche finance chief Lutz Meschke said that while demand in China remained challenged the company would not compromise on margins by steering clear of a price war that has gripped the local market. The group, which was listed in 2022 to command higher valuation multiples, kept its 2024 outlook for a 2024 profit margin of 15%-17%. ($1 = 0.9348 euros) (Reporting by Christoph Steitz a
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