Dow Jones Newswires: Porsche says it hopes to boost return on sales after meeting top end of target in 2022

by | Mar 13, 2023 | Stock Market

Porsche AG said Monday that it hopes to expand its return on sales this year and ahead, after hitting its profitability target for 2022. Setting out its first full-year results since listing last year, the German sports-car
maker said it made a return on sales of 18% in 2022, meeting the top end of a guided range, and rising from 16% the previous year.

Sales rose to 37.63 billion euros ($40.04 billion) from EUR33.14 billion previously. This was behind analysts’ forecasts for EUR38.13 billion, according to a FactSet-compiled poll of estimates. The Stuttgart-based group’s operating profit rose 27% on year to EUR6.77 billion, while automotive net cash flow rose to EUR3.87 billion from EUR3.68 billion. Strong pricing, good product mix, cost discipline and higher sales all helped boost the return, finance chief Lutz Meschke said. The company said it expects an operating return on sales of 17%-19% in 2023, on sales that should rise to around EUR40 billion-EUR42 billion. Further ahead, it is hoping to reach a margin of more than 20%. Porsche AG will propose a dividend for the year of EUR1 for every ordinary share, and EUR1.01 a preferred share, it said. Write to Joshua Kirby at; @joshualeokirby

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