Luxury automaker Porsche issues growth outlook after record 2022 earnings
Publishing timestamp: 2023-03-13 12:40:50
Summary
Porsche AG has issued a long-term outlook of more than 20% return on sales after posting record earnings in 2022 on the back of higher deliveries. The luxury automaker's operating profit rose by 27% to 6.77 billion euros ($7.23 billion) last year, and it is proposing a dividend of 1 euro per ordinary share and 1.01 euros per preferred share. Porsche also issued ongoing growth guidance for both the medium and long term, with a goal of achieving a Group operating return on sales of more than 20% in the long run. Porsche represents a substantial portion of revenues for Volkswagen Group, which still owns 75% minus one ordinary share of Porsche's total share capital.
Sentiment: POSITIVE
Keywords: autos, volkswagen ag, porsche ag, business news, earnings,