The sports car manufacturer is struggling, among other things, with weak business in China. Porsche is now hoping for a strong end to the year.
The sports car manufacturer Porsche AG wants to achieve its annual goals with a final spurt after a bumpy third quarter. “As expected, the third quarter is the weakest of the 2024 financial year,” said CFO Lutz Meschke, according to the announcement on Friday. The difficult economic situation, including in China, as well as the many model changes had an impact on business in the three months of July to September. Sales after nine months were 5.2 percent lower at 28.6 billion euros, and the operating result fell by 26.7 percent to 4.04 billion euros. The declines increased compared to the first six months. The profit per preferred share traded in the Dax fell by almost 30 percent to 3.04 euros.
The Stuttgart-based company delivered 226,026 vehicles to customers in the first nine months. That was almost 7 percent less than in the same period last year. Among other things, Porsche has problems in China, where wealthy customers have less money to spare due to the country’s real estate crisis. In addition, the provider has renewed five of six model series and is introducing them into the markets in stages, which leads to a temporary lack of supply and higher costs.
The company, which is majority owned by the VW Group, maintained the annual targets that were lowered in July due to problems at an aluminum supplier. Porsche wants to generate sales of 39 to 40 billion euros. 14 to 15 percent of this should remain as operating profit.
Source: Stern
