Dow Jones Newswires: Porsche AG reports higher profit and sales, after volatile and challenging quarter

by | Oct 28, 2022 | Stock Market

Porsche AG on Friday stuck to its full-year margin outlook after operating profit in the first nine months of the year rose, boosted partly by higher sales volumes. The German sports-car maker
P911,
-0.50%
said operating profit for the period rose to 5.05 billion euros ($5.03 billion) from EUR3.59 billion a year earlier on revenue that increased to EUR26.74 billion from EUR23.12 billion. Return on sales rose to 18.9% from 15.5%.

“The increase in sales revenue was mainly driven by an attractive product mix with significantly higher proceeds per vehicle, exchange-rate effects and higher group sales volumes,” it said. For 2022, the auto maker continues to target return on sales of between around 17% and 18%. It also backed the outlook for return on sales of around 17%-19% in the medium term and of more than 20% long-term. Write to Kim Richters at kim.richters@wsj.com

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