Porsche's first-quarter profits surge due to Cayenne, Panamera demand
With sales of the Cayenne SUV more than doubling the recently introduced Panamera almost doubling in sales, Porsche Automobil Holding SE saw its operating profit surge. Earnings before interest and tax were 395 million euros between August and October, up from 52 million euros the year previous.
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Porsche delivered 10,292 Cayennes this year, and 5,778 Panameras. “It’s a fairly good set of numbers and clearly highlights that Porsche’s core business is doing well,” said Alexis Albert, a Nomura Securities analyst in London with a “reduce” rating on the shares.
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Porsche is set on a course of profitable growth. European deliveries are confirmed to be up, while North American deliveries are solid. Porsche is in the midst of a process to become part of Volkswagen AG, Europe’s largest automaker, but the latter’s CEO Martin Winterkorn said that any merger or acquisition will be put on hold until after certain American lawsuits and German tax issues are settled.
2011 Porsche Cayenne:
– By: Stephen Calogera