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Volkswagen Delivers Solid Profit Despite Diesel Scandal

U.S. buyback program set to get underway.

by on Oct.27, 2016

The Porsche Macan helped drive big profits for the brand - and for parent Volkswagen AG.

As it begins to see its massive diesel scandal fade into the rearview mirror, Volkswagen AG reported Thursday a big jump in third-quarter earnings.

The German maker had a net, after-tax profit of 2.34 billion euros, or $2.55 billion. By comparison, VW went 6.7 billion euros into the red a year ago as it set aside funds to cover fines and legal costs triggered by the revelation it had rigged emissions tests on its 2.0- and 3.0-liter diesel engines.

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On Tuesday, a judge in San Francisco gave final approval to a nearly $15 settlement with U.S. and California regulators covering the smaller of the two powertrains. That includes up to $10 billion to buy back the 475,000 Audi and Volkswagen brand vehicles sold in the U.S. using that engine. VW says buybacks are likely to begin by mid-November, though the maker still hopes to come up with a technical fix for at least some of those vehicles.

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BMW Hits Record for Q1; Porsche

Makers sidestep crisis in Europe.

by on May.04, 2012

New products, like the M6 and 6-Series Grand Coupe, shown here at their Geneva debut, are driving record sales and earnings.

Despite the worsening economic crisis in Europe there was good news for two of the Continent’s most exclusive automotive manufacturers – BMW, in particular posting all-time record earnings for the first quarter.

Porsche, meanwhile, saw its own operating profit for the January to March quarter surge “only” 18% — that driven by strong demand for the Cayenne SUV despite near-record fuel prices in the key U.S. market and other parts of the world.

It was difficult to find anything that didn’t work out well for BMW during the first quarter – after the maker captured the luxury sales crown both in the U.S. and on the worldwide market in 2011. The first-quarter net profit was up 18% compared to year-earlier figures, to 1.34 billion euros, while pre-tax earnings were up 22%, to 2.08 billion euros.  The maker’s EBIT, or Earnings Before Interest and Taxes, rose 19%, to 2.13 billion. And revenues jumped 14%, to 18.29 billion euros.

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“We have recorded the best first-quarter figures ever — for sales volume, revenues and earnings — in the BMW Group’s corporate history,” said Norbert Reithofer, chairman of BMW’s management board, in a statement from the maker’s Munich headquarters.

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Porsche Aims to Double Volume with New Models

Maker counting on emerging markets but sees more opportunities in U.S., Europe.

by on Nov.09, 2011

The planned Porsche Cajun will be one of a number of new models the maker is planning, company officials told TheDetroitBureau.com

Porsche intends to more than double its current global sales volume – while maintaining its position as the world’s most profitable carmaker – with the steady addition of new products.

The maker believes that much of its growth, going forward, will come from emerging markets like China, Russia and India, but it also believes there’s a significant opportunity to build demand in established markets such as the U.S. and Europe, company officials stressed during a California preview of the 2012 Porsche 911 Carrera S.  (For a review of the 7th-generation 911, Click Here.)

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“It is our objective to remain the world’s most profitable auto manufacturer,” said Porsche Board Member Wolfgang Hatz.

That doesn’t necessarily mean the German maker can keep up with a Toyota or Volkswagen – in terms of raw dollars – but on a percentage basis it is setting the benchmark, with a target of holding at a 15% Return on Sales, or ROS, and a Return on Investment, or ROI, of 21%.

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