Porsche has released first-quarter results for the first time after shifting to calendar-year reporting to align its operations with VW (prior to that Porsche’s fiscal year previously ended on July 31). Porsche reported a first-quarter profit gain, crediting the redesigned and revamped Cayenne SUV.
Porsche’s earnings before interest and tax “more than doubled” to 496 million euros ($728 million). Sales increased 10 percent to 2.28 billion euros.
The Porsche Cayenne, the company’s best-selling model, increased 62 percent to 11,487 units in the first quarter. Sales of the Porsche Panamera fell 5.5 percent to 4,715 units along with the 911, which declined 17 percent to 4,750 units.
Porsche, which will be merging with Volkswagen AG, has plans to double sales to around 200,000 units a year by 2018. The upcoming Porsche Cajun is expected to play pivotal roll in the increase.
– By: Omar Rana
Source: Automotive News