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Porsche AG (OTCPK:DRPRY) stock slipped on Monday despite driving to “record results” in 2022.
The automaker said that group sales revenue in 2022 amounted to €37.6B, up from €33.1B in 2021, with operating profits growing 27.4% to €6.8B. The company said that group deliveries at 309,884 also set a new annual record.
“In difficult conditions, we achieved the strongest result in the history of Porsche, by some distance,” CEO Oliver Blume said. “We were also able to offer our customers exciting new products yet again in 2022. This is the result of a great team performance.”
Moving forward, Blume said that the company will focus on EV and sports car efforts. Additionally, executives placed importance on attracting IT talent as efforts in software and battery technology become increasingly important in the industry.
The German auto giant confirmed its medium and long-term targets.
“Should the economically challenging conditions not further intensify significantly, we expect a Group operating return on sales for the 2023 financial year in the range of 17% to 19%,” Lutz Meschke, Deputy Chairman and Member of the Executive Board for Finance and IT, said. “This guidance is based on Group sales revenue in the range of around €40B to €42B. In the long run, we are aiming for a Group operating return on sales of more than 20%.”
Despite the positive results and upbeat commentary, shares of Porsche AG fell about 4% in midday trading in Frankfurt. Volkswagen (OTCPK:VWAGY), meanwhile, marked about a 3% decline.
Read more on why Bellasooa Research prefers Porsche Holding (OTCPK:POAHY) to Porsche AG.
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