Porsche AG cuts sales guidance
Discussion
Porsche AG on Tuesday lowered its sales outlook for 2024, citing supply shortages, with the stock falling 7%.
The Stuttgart, Germany-based sports car manufacturer now expects sales revenue of between EUR39 billion and EUR40 billion, its outlook trimmed from a EUR40 billion to EUR42 billion range. This is still up at least 22% from revenue in 2023 of EUR31.84 billion.
Porsche said the outlook reduction is due to a "significant supply shortage with regard to special aluminum alloys".
"The supply shortage is the result of the flooding of a production facility of an important European aluminum supplier who has informed its customers in writing of the occurrence of a force majeure event. Affected are body components made of aluminum, which are used in all vehicle series manufactured by Porsche," it explained.
"Despite immediate countermeasures, it is becoming apparent that the impending supply shortage will lead to impairments in production. These are expected to last several weeks and may possibly lead to production shutdowns of one or more vehicle series. It is to be expected that the resulting delays in the production and delivery of vehicles will not be fully compensated for in the further course of the financial year."
The Stuttgart, Germany-based sports car manufacturer now expects sales revenue of between EUR39 billion and EUR40 billion, its outlook trimmed from a EUR40 billion to EUR42 billion range. This is still up at least 22% from revenue in 2023 of EUR31.84 billion.
Porsche said the outlook reduction is due to a "significant supply shortage with regard to special aluminum alloys".
"The supply shortage is the result of the flooding of a production facility of an important European aluminum supplier who has informed its customers in writing of the occurrence of a force majeure event. Affected are body components made of aluminum, which are used in all vehicle series manufactured by Porsche," it explained.
"Despite immediate countermeasures, it is becoming apparent that the impending supply shortage will lead to impairments in production. These are expected to last several weeks and may possibly lead to production shutdowns of one or more vehicle series. It is to be expected that the resulting delays in the production and delivery of vehicles will not be fully compensated for in the further course of the financial year."
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