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German and British automakers Porsche and Aston Martin today released their results for the first quarter of 2023. With overall satisfactory figures, the luxury car brands are aiming to further improve their profitability.
Expected to be on the cusp, luxury carmakers Aston Martin and Porsche announced their first-quarter results on Wednesday.
British brand Aston Martin posted a smaller quarterly pre-tax loss at 74.2 million pounds ($92.7 million), compared with 111.6 million pounds ($139.5 million) a year earlier.
The brand benefited from strong sales of its DBX sport utility vehicle and higher selling prices. Free cash flow in the quarter was 118 million pounds, up from 25 million pounds a year ago.
German brand Porsche, meanwhile, said its profits and sales jumped more than 25 percent. The company reported first-quarter 2023 sales of 10.1 billion euros and operating profit of 1.84 billion euros, beating the expectations of three analysts surveyed by Refinitiv.
Operating profit at its financial services arm fell to €86 million from €102 million previously.
Better profitability for Aston Martin
Aston Martin, whose models are beloved by British spy James Bond, said in March that it expects improved profitability this year and positive free cash flow in the second half. The brand will begin delivering its next-generation sports cars in the third quarter.
“Year-to-date, we continue to see strong demand across our product line, with our current sports car lineup nearly sold out for the year”, executive chairman Lawrence Stroll said in a statement.
Aston Martin said it expects 2023 to be the peak year for capital spending.
Porsche to raise prices
Luxury automaker Porsche will raise prices by 4 percent to 8 percent in Europe and the U.S. in the second half of the year “to combat the rising costs that weighed on profits in the first quarter”, Chief Financial Officer Lutz Meschke said on a conference call following first-quarter results. The company is still experiencing supply issues, but “expects those issues to ease in the coming months”, Lutz Meschke said.
Overall, its order book is strong, globally, after a record 18 percent increase in deliveries in the first quarter, and “targets for 2023 of a 17 percent to 19 percent return on sales of €40 billion to €42 billion are on track”, Meschke added.
Porsche went public in September of last year, spinning off from its former parent Volkswagen – a move Meschke said has helped speed up product and hiring decisions.
Read also >Road to 20 : Porsche to further optimize profitability
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German and British automakers Porsche and Aston Martin today released their results for the first quarter of 2023. With overall satisfactory figures, the luxury car brands are aiming to further improve their profitability.
Expected to be on the cusp, luxury carmakers Aston Martin and Porsche announced their first-quarter results on Wednesday.
British brand Aston Martin posted a smaller quarterly pre-tax loss at 74.2 million pounds ($92.7 million), compared with 111.6 million pounds ($139.5 million) a year earlier.
The brand benefited from strong sales of its DBX sport utility vehicle and higher selling prices. Free cash flow in the quarter was 118 million pounds, up from 25 million pounds a year ago.
German brand Porsche, meanwhile, said its profits and sales jumped more than 25 percent. The company reported first-quarter 2023 sales of 10.1 billion euros and operating profit of 1.84 billion euros, beating the expectations of three analysts surveyed by Refinitiv.
Operating profit at its financial services arm fell to €86 million from €102 million previously.
Better profitability for Aston Martin
Aston Martin, whose models are beloved by British spy James Bond, said in March that it expects improved profitability this year and positive free cash flow in the second half. The brand will begin delivering its next-generation sports cars in the third quarter.
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German and British automakers Porsche and Aston Martin today released their results for the first quarter of 2023. With overall satisfactory figures, the luxury car brands are aiming to further improve their profitability.
Expected to be on the cusp, luxury carmakers Aston Martin and Porsche announced their first-quarter results on Wednesday.
British brand Aston Martin posted a smaller quarterly pre-tax loss at 74.2 million pounds ($92.7 million), compared with 111.6 million pounds ($139.5 million) a year earlier.
The brand benefited from strong sales of its DBX sport utility vehicle and higher selling prices. Free cash flow in the quarter was 118 million pounds, up from 25 million pounds a year ago.
German brand Porsche, meanwhile, said its profits and sales jumped more than 25 percent. The company reported first-quarter 2023 sales of 10.1 billion euros and operating profit of 1.84 billion euros, beating the expectations of three analysts surveyed by Refinitiv.
Operating profit at its financial services arm fell to €86 million from €102 million previously.
Better profitability for Aston Martin
Aston Martin, whose models are beloved by British spy James Bond, said in March that it expects improved profitability this year and positive free cash flow in the second half. The brand will begin delivering its next-generation sports cars in the third quarter.
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