Earnings

Porsche warns of fall in profitability but hikes dividend on strong 2023 results

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The Porsche Mission X on display at the IAA Mobility 2023 show in Munich, Germany.

Arjun Kharpal | CNBC

Porsche on Tuesday warned that profitability will decline this year as it launches new models amid tough economic conditions, but hiked its dividend on the back of a rise in 2023 operating profit.

The German luxury automaker said it expects an operating return on sales of between 15% and 17% in 2024, down from the 18% margin notched in 2023 and 2022. In the long term, the group targets an operating return on sales of more than 20%.

Explaining the more cautious profitability outlook, the company cited “the comprehensive renewal of its product range in 2024, the global framework conditions,…



Source cnbc.com

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