Porsche sales gain 14% on Cayenne SUV, new mkts

Jan 25 | Updated: Jan 26 2008, 05:04am hrs
Porsche SE, maker of the 911 sports car, boosted first-half revenue 14% after revamping its Cayenne sport-utility vehicle and increasing deliveries in Russia and China. The stock advanced the most in two months. Sales rose to 3.5 billion euros ($5.2 billion) in the six months ending January 31, Stuttgart, Germany-based Porsche said in a statement on Friday. Analysts had forecast 3.44 billion euros.

Porsche doubled sales of the Cayenne to 20,340, boosting overall deliveries 19% even as demand for the 911 supercar and Boxster roadster waned. While the company has cut US inventories to prepare for a possible economic slowdown there, the introduction of three new models and demand from emerging markets should continue to spur full-year sales, it said. We should again achieve a result where it will be difficult to suppress tears of joy, chief executive officer Wendelin Wiedeking told shareholders at Porsches annual meeting today. Half-year earnings, to be reported in March, are also expected to reflect our optimistic expectations, he said.

Bloomberg