Porsche’s First Quarter Operating Results Reach Record Level

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Porsche AG made a strong start to the year: In the first three months of 2017, the company increased its operating result, revenue, deliveries and number of employees as compared to the same period last year. Here are some of the highlights:

Profit margin grew from 16.7% to 17.6%.
Operating results increased by 8% in the first quarter of 2017 to EUR 967 million, while revenue reached EUR 5.5 billion (an increase of 2%).
Over this period, the number of deliveries rose by 7% to 59,689 vehicles.
The workforce expanded to 28,249 employees, representing an increase of 13%.

Deputy Chairman of the Executive Board and Member of the Executive Board for Finance and IT at Porsche AG, Lutz Meschke, emphasises: “This exceptionally good result is a seamless continuation of our record year in 2016, and we have once again exceeded an already high level”.

Meschke believes this positive development in the company’s results is due not only to its further optimized cost structure and a good product mix, but also its long-term currency hedging strategy.

“Our success is based on our highly attractive offering of fascinating vehicles”, says Oliver Blume, Chairman of the Executive Board at Porsche AG. “The new Panamera has been very well received by our customers – particularly in its plug-in hybrid variants and as the Sport Turismo. Models like the Panamera Turbo S E-Hybrid prove that electromobility and peak sports performance are not contradictory concepts at Porsche. We are also consistently driving forward digitalisation. We combine the traditional Porsche spirit with the power of new technologies – and with one clear goal in mind: To develop Porsche into a leading provider of digital mobility solutions in the premium automotive segment”.

What’s the Rest of the Year Look Like?

In the 2017 financial year, Blume and Meschke expect to see moderate growth in deliveries and revenue. Provided foreign exchange rates remain stable, Porsche aims to achieve an operating result at the same level as the previous year. It continues to pursue a strategic goal of achieving an operating profit margin of at least 15%. By doing so, this would allow Porsche to maintain its position as one of the most profitable automotive manufacturers in the world.

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