Cuts FY guidance (Il Sole 24 Ore Radiocor) - Berlin, 24 Jul - Porsche, the German producer of sports cars, said that in the first half of 2024 its operating profit fell 20.5% year on year to 3.06 billion euros as sales fell 4.8% to 19.46 billion.

The operating margin dropped to 15.7% from 18.9%.

Vehicle deliveries fell 6.8% to 155,945 units.

Porsche noted that various suppliers are currently affected by a "significant supply shortage with regard to special aluminium alloys. The supply shortage is the result of the flooding of a production facility of an important European aluminium supplier who has informed its customers in writing of the occurrence of a force majeure event." The supply shortage will lead to "impairments in production that will not be fully compensated for over the course of the year," it added.

The car maker now expects return on sales of 14-15%, against 15-17% previously, and sales of 39-40 billion, compared with 40-42 billion previously.

The automotive net cash flow margin is now seen at 7.0-8.5%, against 8.5-10.5% previously, and the automotive EBITDA margin at 23-24%, down from 24-26%.

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(RADIOCOR) 24-07-24 19:41:48 (0807) 5 NNNN