The German Porsche Group has had a great start to the year. Indeed, it has recorded solid results during the first quarter of 2021. In particular, sales increased during this period, thus promoting quarterly revenue growth. At the same time, the company has confirmed its targets for the entire current financial year.
In the first three months of the year 2021, the sports car manufacturer, Porsche achieved a turnover of 7.7 billion euros. This is 28% higher than the same period last year (6 billion euros). For the quarter as a whole, the German group saw its operating profit double to €1.2 billion from €572 million a year earlier.
In the first quarter of 2021, the group's profit after tax reached €995 million compared to €99 million in Q1-2020. Meanwhile, return on sales increased from 9.5% to 16.2% over the past three months.
As of March 31, 2021, the manufacturer had net liquidity of €558 million. 558 million. This was virtually unchanged over the one-year period. However, it is slightly higher than its level at the end of fiscal year 2020 (563 million euros).
In terms of overall sales, Porsche delivered around 72,000 vehicles in the first quarter of 2021, up 36% year-on-year. During this period, the Macan was the most requested vehicle model by the group's customers. It sold approximately 22,458 units in the quarter.
Between January and March, customers also showed interest in the Taycan model. This is the fully electric sports car developed by the German manufacturer. The company says that sales of this model will be higher in 2021 than last year.
In fact, the group estimates that the number of Taycan models delivered in Q1-2021 already represents about 50% of the total deliveries made in the entire 2020 fiscal year. Moreover, it states that almost half of the buyers are new customers.
Furthermore, it is worth noting that Porsche was able to record these great performances despite the difficult economic environment that has continued to plague the business world for several months.
In view of the better results posted in the first quarter of 2021, Porsche has confirmed its outlook for the entire current financial year. Thus, for this year, the company continues to rely on a positive group result after taxes that should be in the range of 2.6 billion euros to 4.1 billion euros.
The manufacturer also maintained its net cash forecast for the full year 2021. It is expected to be between €0.4 billion and €0.9 billion at the end of the year. Lastly, the group is targeting a return on sales of around 15% at 31 December 2021.