Porsche confirms guidance after reporting higher profit

By David Sachs

Porsche AG on Wednesday confirmed its 2023 guidance after reporting a higher profit for the first quarter on rising sales and strong pricing and product mix.

The German sports-car maker said operating profit for the period amounted to 1.84 billion euros ($2.02 billion), up 25% over the same period last year. Revenue climbed 25.5% to EUR10.10 billion. Porsche's return on sales was 18.2%, flat on year.

"Markets around the world remain volatile--so we're all the more satisfied with our figures," Chief Financial Officer Lutz Meschke said. "The significant growth is due to a number of factors: higher group sales, continued positive pricing and mix effects."

The company confirmed its targets for 2023, and said it expects an operating return on sales of 17%-19% on sales that should rise to around EUR40 billion-EUR42 billion.

Write to David Sachs at david.sachs@wsj.com

-David Sachs

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05-03-23 0241ET

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