VW daughter
Porsche starts weaker than feared into the year
Higher costs for the battery shops and the conversion, the new US import duties and the weak Chinese business: the sports car manufacturer has many construction sites.
In view of the problems in China and the planned renovation of the company, the sports car manufacturer Porsche started the year with a clear dampers. In the first quarter, sales were EUR 8.86 billion by 1.7 percent below the previous year’s value, as the majority of DAX companies belonging to Volkswagen announced on Tuesday.
However, the operational result collapsed by 40.6 percent to 0.76 billion euros and was even weaker than feared by experts anyway. The corresponding margin dropped from 14.2 to 8.6 percent.
The evening before, the Stuttgart forecast had reduced their annual forecasts for sales and results because higher costs for the battery shops and the renovation, the new US import duties and the weak Chinese business slow down the group.
Higher special costs and less sales are expected
“As expected, the first quarter is weaker,” said CFO Jochen Breckner, according to the announcement. “In addition, the macroeconomic situation will remain challenging. We cannot completely avoid this, but we control it with all the might.”
Porsche AG is now planning special costs of 1.3 billion euros in the whole year, and half a billion more estimates than before. In the first three months, around 200 million euros “went into concrete measures”, as it was said.
Porsche boss Oliver Blume expects only 37 to 38 billion euros in the current year and thus two billion less than before, as was already the case on the evening before.
The increased US tariffs are initially only taken into account for the months of April and May. In addition, money costs that Porsche does not want to continue using the production of high -performance batteries at the daughter Cellforce on its own. To support suppliers, the company must also dig deeper into its pocket.
dpa
Source: Stern
