Porsche AG (ETR:P911) will likely report full-year earnings at the lower end of expectations after production bottlenecks hit deliveries of its Cayenne model, analysts say.
Revenue should sit at €41 billion (£35.2 billion) for the year, JP Morgan said in a note, with margins of 17.4% marking the low-end of the company’s 17% to 19% guided range.
“We are expecting the firm to have missed deliveries of the Cayenne due to production bottlenecks,” analysts wrote.
“[This] will impact the fourth quarter but should be recovered during the 2024 financial year.”
Porsche reported that the Cayenne was one of its best-selling cars over the nine months to September, with 69,461 models being ordered and 64,457 delivered.
Though the sales figure was up 3.7% compared with the year earlier, deliveries had fallen by 3.5% as supply chain woes added to issues in rolling out newer models.
Though Cayenne deliveries may catch up, JP Morgan warned volumes of other cars could be hit by similar production issues, alongside the rollout of new models also causing a lag in figures.
Porsche is going through four product changes in the upcoming year, the bank added, including the rollout of the new electric Macan.
This will likely see revenue come in at €38 billion in 2024, analysts forecast, as sales of the newly released models feed through in the second half of the year and 2025.