Porsche: targets 2024 sales of E40bn to E42bn

(CercleFinance.com) - Porsche has published its 2023 results, announcing sales of E10.
4bn in Q4 2023, down -5% y-o-y, but +7% sequentially, ahead of expectations according to analysts at Oddo BHF.

Adjusted EBIT stands at E1.8bn, up +3% y-o-y, also above expectations (consensus was E1.6 bn, Oddo BHF forecast E1.7 bn), giving a margin of 17.1%, broadly in line with Q3 levels (17.0%).

Porsche expects 2024 sales of E40bn-E42bn, up from E40.5bn in FY 2023 and above the consensus of E39.7bn (Oddo BHF forecast E38.3bn).

Its 2024 adjusted EBIT margin is expected between 15% and 17%, down from 18% in FY 2023 and below expectations (consensus 17.1%, Oddo BHF 16.7%).

The group had already stated that 2024 will be a year of transition, impacted by the numerous product launches (4 new launches, the highest ever) as well as delays on the top-of-the-range derivatives of the new 911, which will have a significant impact on the mix with a time lag until 2025, Oddo BHF says.

In the broker's opinion, the key issue is the group's ability to reassure on its capacity to maintain the recovery scenario by 2025, after having been weighed down by operational/supply problems in 2023-2024.


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