Operating profit in the first three months of 2024 came in at 1.28 billion euros ($1.37 billion), in line with an LSEG estimate, while sales for the period stood at 9.01 billion, beating the 8.77 billion forecast.
"In a challenging environment, we are staying on course and resolutely pursuing our strategy," Porsche AG CEO Oliver Blume, who also heads Porsche's parent Volkswagen (VOWG_p.DE), said in a statement.
German carmakers are struggling to revive Chinese demand, with deliveries to their largest market falling at competitors BMW (BMWG.DE) and Mercedes (MBGn.DE), and Porsche recording a 24% slump in quarterly deliveries.
Porsche finance chief Lutz Meschke said that while demand in China remained challenged the company would not compromise on margins by steering clear of a price war that has gripped the local market.
The group, which was listed in 2022 to command higher valuation multiples, kept its 2024 outlook for a 2024 profit margin of 15%-17%.
($1 = 0.9348 euros)
